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Is gold waiting for the bullish trend continuation?

Olymp Trade

Gold broke the uptrend line in early March and stopped declining slightly above the $1280-1285 zone. After the buyers showed their interest, the asset began to grow. The current candlestick pattern is very similar to that of late January, after which the psychological level of $1300 was broken. However, it did not work this time. Most likely, the gold price will be trading sideways in the near future. However, until $1280-1285 is broken, the buyers have every chance of continuing the uptrend.

The breaking bad NFP data became local support for the metal. Nonfarm Payrolls grew by only 20 thousand, with the forecast of 180. This impulse from the weakening US dollar helped gold get to $1300, but there was no breakout.

The factor of trade war between the United States and China has reduced its impact on traders. However, the US does not stop adding uncertainty to the market. The US has already declared 2 states of emergency for the border wall with Mexico and date of the country’s debt ceiling. All this points to a tough political confrontation and crisis in the world's leading economy. Taking into consideration the slowdown of the global economy, this will become one of the drivers of growing uncertainty in the nearest future.

Olymp Trade Review

Source: https://olymptrade.com/
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