Gold is currently at old triple support-turned-resistance in the $1.160/$1.180 region. The daily trend is neutral at current levels, having changed after Friday’s significant price rebound. Factors such as dollar strength, slow global growth and low inflation expectations put pressure on gold price, although central banking induced QE programs from around the world and geopolitical risks could set a floor on prices.
Gold, weekly candles:
Chart courtesy of Stockcharts.com (www.stockcharts.com)
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