Gold is up 0.47% to start the trading week as the precious metal respected support amid a bearish Dollar. Price action traders are up +120 pips of profit with more profits to be expected.
Last week’s weekly closure for Gold was a bullish hammer with a long wick to the bottom. This wick tapped support at 1680 which was established back in March of this year. Candlestick analysis deems this candle as the second most bullish candle in trading. The next target for traders is the 1800 psychological level.
After opening the week bullish, the Dollar faced a huge surge of bearish pressure on Friday. This surge was strong enough to bring prices back below 93.000. Currently, price is attempting to use 92.500 as support. If tomorrow’s retail sales data is bearish as the forecast suggests, we could see the Dollar head lower to 92.000.
This week’s fundamental schedule has several key events such as the FOMC meeting minutes, the RBNZ rate statement and the Australian unemployment report. This should provide much-needed volatility for the markets as they look to finish off the summer.
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- Read our previous blog article: GBPUSD Shorts Back in Play as Dollar Pushes Higher off Key Zone
