Gold prices edged higher on Friday after the North Korean leader Kim Jong Un vowed to make a "mentally deranged" Trump pay for an earlier threat to "totally destroy" North Korea if threatened America or its allies.
However, Gold is trading lower on Monday morning after a break of important support.
In addition, hawkish Fed pushed prices down. According to the Federal Reserve, the current outlook is for another rate-hike by the end of 2017.
Technical View
Short Term View
The 4h chart has formed a "Falling wedge pattern". The pattern has completed 5 cycles and has almost reached the target. Currently, prices broke below $1300 and trade around $1294. Next support holds at $1290.
On the other hand, if gold could not break below $1290 and will retrace back to previous sessions prices, then the sentiment will be very bullish.
This article was originally posted on FX Empire
However, Gold is trading lower on Monday morning after a break of important support.
In addition, hawkish Fed pushed prices down. According to the Federal Reserve, the current outlook is for another rate-hike by the end of 2017.
Technical View
Short Term View
The 4h chart has formed a "Falling wedge pattern". The pattern has completed 5 cycles and has almost reached the target. Currently, prices broke below $1300 and trade around $1294. Next support holds at $1290.
On the other hand, if gold could not break below $1290 and will retrace back to previous sessions prices, then the sentiment will be very bullish.
This article was originally posted on FX Empire
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