XAU Trading Outlook
Oil & Gold (XAU) Gold was support on increasing Sovereign default risk and this allowed a small move higher on XAU/USD but a very large move higher on the important XAU/EUR cross. OIL/USD continued to trade higher on Iran nuclear posturing and more fear of strikes on its nuclear facilities.
Oil & Gold (XAU) was contained to a very tight range pivoting the $1720 level all day supported from sovereign risk but contained by USD strength. OIL/USD remained above the key $100 level as Middle Eastern tensions countered the general investor risk aversion.
Oil & Gold (XAU) Gold failed at $1734 resistance and fell back under $1720 into the US close. OIL/USD bucked the trend of the rest of the market with Iran tensions rising once again with bomb threats to Israeli embassies.
Oil & Gold (XAU) Gold was volatile on Friday hitting a new week low briefly under $1710 before staging a sharp rally back above $1720 into the weekend close. OIL/USD traded in line with the rest of the market down in Europe but rallied into the weekend closing near $99 a barrel.
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