Gold is near unchanged levels on the day as we enter the European morning
Price is holding just above the $1,500 level for now but the near-term picture sees price action sitting in a bit of a descending channel after topping at $1,510.46 overnight.
It’s a bit too early to read this as a top for gold but with markets looking flip-floppy it may not be surprising to see some money being taken off the table for the time being.
Gold has been on a solid run this week with price rising by more than 4% thus far. If buyers are able to lean towards a test of yesterday’s high and close above $1,500 this week, that’s a solid platform to build on for further momentum moving forward.
In the bigger picture, there isn’t much of a threat stopping gold from a break higher well beyond the $1,500 level. As such, look out for the key figure level ahead of the close this week as well as the 50.0 retracement level @ $1,483.80 in the event of any retracement in the upcoming sessions.