Gold is testing again the key resistance placed at $1,350/1,360. The recovery seen after the fall to $1,330/1,335 of yesterday is witnessing the strength of the bullish movement, as investors continue to bet on a dovish Federal Reserve in the next few months.
It is now clear that all eyes are on the FOMC: one rate cut in 2019 seems to be already priced, if we had two or more, this could almost definitely lift gold price.
From a technical point of view, short sellers are now struggling, while the positive movement could get further fuel if prices can surpass the resistance level of $1,350/1,360.
