The price of the yellow metal has faced a battering of long Dollars following the weekend’s news and trade cease-fire. This has taken the precious metal off multi-week highs and throws a monkey-wrench in the works for the bulls. Bears can now target the 20-D EMA and then the 50% retracement of the April swing lows to late June swing highs around 1350. First, the 13 July 16 highs around the 382% retracement need to give. This is located at 1375. 1398/00 and 27 June spike low is a likely resistance on an upside correction.
More to come…
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