Gold climbs as USD sinks to the lowest since 2018... 🏆
Gold has taken market control along with other currency alternatives heading into 2021. It has surged above $1,940 an ounce to the highest in almost two months as lower U.S. real yields and a weaker dollar helped the metal build on its biggest annual advance in a decade. All of this growth and fundamental optimism is likely to spur on pressure to reattempt a new monthly breakout to the upside. As mentioned in the video, I would like to see a retest of 1930 before getting involved in any long positions. US fundamentals and further stimulus boosts saga is sweeping the dollar weakness into new lows.
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Note
As noted above, the main victims of the Dollar revival, as Gold finally folded after fending off multiple attempts to take out Usd 1900/oz and then succumbed to a stop-driven collapse when the 100 DMA around Usd 1893 was breached in what some described as a flash crash. Upside bias still active.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.