We have seen the Dollar strengthen and this has triggered some selling on the majority of commodities, including gold and silver. Investors are in risk-off mode, but they are not yet buying gold. They are looking for clarity before taking positions, trying to predict what will be the next major movement for bullion.
Indeed, the gold spot price – after surpassing $1,900 – has now fallen again to $1,890. Technically we are still in the same lateral trading range of the last three months between $1,850 and 2,070. If we zoom in on the last few weeks, we have a first resistance placed at $1,910, followed by another one at $1,930. The key support zone of $1,850-$1,860 remains crucial for keeping gold in this lateral tendency.
