Gold price has continued to travel to the upside towards the prior highs.
The break of the Gold price's structure does however signify that the Gold price is vulnerable to the downside.
Gold price was volatile at the start of the week following a break of a test of a major trendline and horizontal support. In Asia, the bulls are extending the surge from the latter part of Monday's bullish correction and are taking up the $1,932s. At the time of writing, Gold price is trading at $1,932.10 and flat for the day so far. However, Gold price rallied from a low of $1,911 and into the peak formation set the prior week.
There were a number of contributing factors to the volatility at the start of the week, namely due to the sentiment with regard to the European Central, ECB, Bank and Federal Reserve, Fed. ECB Governing Council hawks have been calling for a 50bp rate hike. This has seen the Euro reach as high as $1.0927 vs. the dwindling US Dollar that enabled the Gold price to recover within choppy conditions. Additionally, there were lingering concerns about a recession in the United States and prospects of a less aggressive Federal Reserve.
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