$XAU, $GLD, $USD
Gold markets extended the rally Monday, that being the case, the 1400 psych mark underneath should offer support, and notably it is a large, round, psychologically significant mark.
As long as the price holds above that mark, this market is Bullish to Very Bullish, but there is lots of support marks underneath that should continue to keep Gold price driving North.
With the Fed its attitude, it is now likely that the USD will decline in the face of precious metals, especially considering that the ECB is also very loose with its monetary policy and of course the Bank of Japan has been for decades.
Pullbacks should now be seen as buying opportunities, and the $1400 is 1st support.
The fundamentals driving Gold price is the extreme amount of geopolitical uncertainty, which is not going anywhere anytime soon. The market certainly is not 1 to short, or fade now. The sentiment has changed.
HeffX-LTN’s overall technical analysis for GLD is Bullish to Very Bullish in here.
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