XAU Trading Outlook
Oil & Gold (XAU) new week lows overnight reversed overnight with a large rally back to $1650 before settling back to opening levels. OIL/USD fell down to $102 before rallying to the close strong sitting just above $103.
Oil & Gold (XAU) Gold was heavy falling slowly all day down to $1640 an ounce. Oil also weakened with the market coming reversing the week’s rally quickly.
Oil & Gold (XAU) Gold was volatile dipping sharply before reversing back to open levels at $1650 an ounce. Oil continued to rally tracking the stock market and weak USD up to $105 before easing slightly into the close.
Oil & Gold (XAU) Gold was mixed pivoting the $1650 level consolidating the recent rally.Oil selling came in hard at the start of the US session but the market found support at $102 and we reversed closing above $103.
Oil & Gold (XAU) Gold was dragged lower as the USD strength outpaced safe haven demand from riskier government debt. The outlook is mixed with Gold strength better expressed against the Euro going forward.Oil came under pressure as China GDP slowed and Iran started talks with the West over the weekend.
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