Com­mod­ity spotlight – Gold

Financial Mirror (Cyprus) - - FRONT PAGE -

A re­newed sense of op­ti­mism over Trump’s tax re­forms and strength­en­ing US Dol­lar dulled Gold’s al­lure on Mon­day, with prices sink­ing to a two-week low, be­low $1275. The yel­low metal is com­ing un­der sell­ing pres­sure on the daily charts, with sus­tained weak­ness be­low the $1280 en­cour­ag­ing a fur­ther de­cline to­wards $1267. While geopo­lit­i­cal ten­sions and head­lines cen­tered on Spain have of­fered some sup­port to Gold bulls, the cur­rent price ac­tion sug­gests that bears are winning the bat­tle. With the eco­nomic cal­en­dar fairly light to­day, the present down­side may en­cour­age bears to at­tack prices lower. From a tech­ni­cal stand­point, pre­vi­ous sup­port around $1280 could trans­form into a dy­namic re­sis­tance, open­ing a path to­wards $1267. With weekly bulls dis­play­ing weak­ness af­ter Gold se­cured a weekly low of $1280, the next lev­els of in­ter­est are $1267, $1260 and $1250.

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