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GOLD – Retail traders have mostly sold into recent Gold price gains versus the US Dollar, and the commodity’s resilience near key highs leaves our short-term focus higher.
Trade Implications GOLD – Gold continues to hold near key April highs at $1330, and there remains risk that the precious metal may stop and reverse near these price levels. Yet it would take a break below important congestion support near $1310 to shift our focus lower. Topside targets include March highs of $1340 and a secondary peak near $1355.
See next currency section: GBPJPY - British Pound Sterling at Extremes versus Japanese Yen
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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