Gold down slightly on the day, awaits US data for next move

The precious metal saw its advance last week halted by the trendline resistance (white line) above. That key level now sits at $2,367.50 as buyers ease off the charge a little. Gold is down 0.5% today to $2,348 levels now but is still staying poised after the move higher on Thursday and Friday.

The next move for gold is the same as all the other major assets in play right now. And that is to wait on the US data later in the week.

It’s all about reading into the Fed outlook and how that will impact yields and the dollar, which will subsequently impact gold sentiment as well.

For now, the technicals show that there is an upside check to be wary of. And it will require a break of that for gold buyers to retest the $2,400 mark. That is if the conditions line up in the days ahead.

This article was written by Justin Low at www.forexlive.com.