After last week’s rebound, gold is taking a break and the price is consolidating and trading between $1,830 and 1,840 per ounce, a fractional decline from last week. The next few trading sessions will tell us how strong the resistance area of $1,850 is, which is the first clear barrier for further recoveries for the yellow metal. Vice versa, buyers seem to have created a valid support zone between $1,810 and $1,820, which has supported last week’s price recovery.
We should also note that the selloff seen on Dollar has (temporarily?) stopped, confirming that markets are now waiting for new directional drivers.
