In the last few trading sessions, we have seen less volatility on gold. The bullion price remains above $1,950, without being able to attack the key resistance area of $2,000. The positive trend looks to be recovering its strength even if we are in a “wait and see” phase, with investors believing that the markets are priced correctly in the current situation and fresh markets movers will be needed in order to help bullion to find a new directionality. Meanwhile, the correlation with the EUR/USD is still significant, with yesterday’s recovery attempt stopped by greenback rallying.
Technically, the price remains in the lateral trading range between $1,960 and $2,070 in a situation unchanged for a few weeks.
