Commodity spotlight - Gold

Gold experienced a heavy depreciation during Friday’s trading session mostly due to an appreciating US Dollar.

The price action witnessed in recent weeks confirms how the Dollar always has the final say in where the yellow metal trades. Although the unfavourable market conditions and geopolitical risk factors have attracted investors towards safehaven Gold, the precious metal remains governed by King Dollar. Taking a look at the technical picture, there is a strong resistance at $1,228. Sustained weakness below this level could inspire a move back down towards $1,218.