Gold going to retest or break the resistance

Gold Analysis

1. Gold has broken the top level of the downtrend line after forming the double bottom.

2. Fails to break the recent resistance level and trying to make a correction.

3. Please wait for the retest of the broken level of the downtrend line (or) wait for the resistance breakout for seeing the big move on gold.

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Gold Fundamental View

Gold prices racing higher as correction phase from declines in past 8 months.

And These higher prices may soon decline because Chinese Wholesale prices rose higher and create a risk for Australian exports.

Chinese Wholesale NANCHANG CHINA Sams Club Store of Wal Mart Group Storage

The above is the picture of the Chinese Wholesale NANCHANG CHINA Sam’s Club Store of Wal-Mart Group Storage.

US PPI Final demand data came in positive 4.2% Y/Y in March versus 2.8% previous. The positive data could fear prices higher in markets.

And also, US Treasury yields move higher, and inflation prices shoot up higher. This turns Gold to declines lower.

In the technical view, Gold can make some corrections. However, the fundamental view drives the market more as the 3rd corona wave has started and lockdowns are again announced by the Governments.

 

 

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