Gold is in an interesting spot.
The chart looks a tad dangerous with a series of lower highs but you could equally argue that a period of consolidation is overdue after a long runup from $1700, with only a short pause at $2600.
Equally, you could argue that a retracement is overdue as it's been largely a one-way trade for three years.
What I'm most impressed by is the gold has generated some recent upward momentum at a time when trade tensions are falling. The unwind of the Liberation Day move in equities initially hit gold too but it stabilized in mid-May and is now just $125 from the all-time high.
Clearly, the buyers have been showing up and part of that is the worsening US fiscal situation along with the sense that Trump will never put international relations fully back on track. I can get behind that thinking but I would like to see a break above the May high first.
A wild card at the moment is Russia and how it will respond to Ukraine. Is a tactical nuclear weapon out of the question?
This article was written by Adam Button at www.forexlive.com.Hence then, the article about gold posts a solid gain but there are challenges was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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