Gold inched higher shortly after the New York session on Monday despite a rise in Treasury yields and the U.S. Dollar. An overnight reversal to the downside in the U.S. stock indexes may be helping to underpin prices, but more than likely, the market may have found a sweet spot on the chart where it is neither too bullish nor too bearish.
- This pattern is a continuation event that pauses before it refreshes lower. Medium-term momentum has turned negative and generated a crossover signal.
Technical View
- A sustained move over 1758 will indicate the presence of buyers. The first upside target is 1762.90. Taking out 1762.90 could trigger an acceleration into a resistance cluster at 1787 to 1788.
- A sustained move under 1758 will be the early sign of weakness.
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