Gold prices have turned downward today with rising dollar index and US 10-year bond yields. Before the FOMC minutes to be announced tomorrow night, we see yellow bears trying to get their bears to catch some more beans, and the messages that are going to come out of the minutes can speed up the decline in the interest rate increase.
We can see that in the last period Trump’s ambiguities and the 1245 resistance that shine through the devaluation losses in the dollar are not able to be overcome. However, this year, with the election uncertainties in Europe and the impact of Trump from time to time, we can witness the rise in precious metals accelerating with the strengthening of safe port purchases.
We recommend that 1235, 1245 and 1250 regions be taken into consideration as significant resistances in the ascending order, respectively. Below is 1225, and in the past days we have underlined the support of 1215, where the average of the 100-day moving average, where the drops are reacting many times.