Technical Analysis

Gold rally gets a boost from dollar weakness on the day

Gold continues to outperform amid global trade tensions, weaker dollar


The dollar is slapped by a light wave of selling on the session and that has helped push gold towards the highs of the day, as buyers are attempting to hold a break above resistance around $1,326 currently.

There are offers lined up closer towards $1,330 but at this rate, we could be potentially seeing gold head towards a retest of the year’s highs near $1,346.80. As mentioned yesterday, gold will stay underpinned on global trade tensions but dollar weakness amid increasing chatter of the Fed cutting rates will be the next key catalyst for a surge higher.

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