❔ Can Gold defend the last line of defense and restore the upwards trend?
Gold prices have been under pressure lately, mostly due to “vaccine optimism” that has deflated safe haven demand. While there’s no arguing that extreme central bank policies will remain a factor in a longer run, Gold is at risk of a deeper correction in the short run. To avoid it, prices needs to defend the key $1850 line – something that has worked so far but there’s a caveat: EURUSD is at a resistance and any larger USD strengthening could push Gold prices below this vital last line of defense and trigger all the stops that could be sitting below. For sure, Gold is the market to be watched today and in the days to come.
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