After a boring presser, Gold breaks down towards the 1180/70 range as bulls couldn't figure any valuable hints to add long positions during Trump's neutral broadcast.
No Yields; Gold bulls missed in action
Nenad Kerkez, Analyst and Full-Time Trader at Admiral Markets, shared his views on why Gold may continue under pressure, "As the US Fed normalize rates this year, it is likely to steer Investors away from speculative investments like Gold to Fixed Income as it offers a yield. I expect further weakness in Gold in the coming year, however, should we experience unexpected rapid inflation, then I can see Investors flocking to Gold in such an environment."
Gold Technical Levels
To the upside, the metal failed to conquer on the 1190 handle, which becomes immediate resistance in the short-term. To the downside, 1170/60 level seemed of interest to buyers during previous trading sessions.
AUD/USD soars: bulls trying to dig heels on to the 0.74 handle during Trump presser
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