Gold to retreat on Trump's health deterioration

FXStreet Team FXStreet

Gold (XAU/USD) has retreated from the highs above $1,900 and trades just below that round number. The yellow metal’s fate hinges on Trump’s health while the 21-DMA at $1915 is the level to beat for bulls, FXStreet’s Dhwani Mehta reports.

Key quotes

“The price action in gold will likely depend on the fresh updates concerning Trump’s health, especially after some of the medical experts noted that the president’s condition may be more severe, given fluctuating oxygen levels and a steroid drug treatment. The safe-haven dollar could regain poise and knockdown gold should Trump’s condition deteriorate. In contrast, gold could extend the bounce in case of early discharge from the hospital.”

“Gold’s upside attempts likely to remain capped while it trades below the 21-day Simple Moving Average (DMA) at $1915. Meanwhile, to the downside, the upward-sloping 100-DMA at $1856 could continue to offer support, leaving the prices in a narrow range.”

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FXStreet Team

FXStreet

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