Gold continues to stay boxed in to start July trading ...Middle East

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As the dollar and yields slumped on Friday, gold jumped up by 1.5% with buyers hopeful for another run at the $2,400 mark. But they were dealt a blow in trading yesterday, as the precious metal slumped by 1.4% in what is basically a reset move. In the bigger picture, it sees gold stay in a position where price action remains boxed in.Towards the end of last month and the start of July, the head-and-shoulders pattern has been one to be wary of. Now, it is starting to look a bit more of a drag as the consolidation phase continues.In essence, price action looks more trapped inside the box outlined above instead. That is the pattern with most clarity as opposed to the alternatives at the moment,

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Last updated : 09 July 2024 clock 06:53 AM

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Gold continues to stay boxed in to start July trading ...Middle East

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