ZuluTrade Blog

Traders prefer risk than the "safe" GOLD

Market View | Tuesday, May 9, 2017 5:08 AM GMT

Everything is now back to “normal” after the French elections. The win by Macron was not a  surprise for the markets and Macron prevailed easily on Le Pen. So traders preferred taking higher risks on stocks and pushed GOLD lower. What’s the next major event? British Elections on 8th June. This means that GOLD may have the opportunity to regain its losses potentially right before the elections. Everything will depend on upcoming political news

The weekly picture looks bad for the bulls as it broke out of the trendline (2) to the downside and this trendline may act as resistance. 

 

Daily

Below we have noted an interesting area that it may give a sell setup if price goes higher.

 

H4

The price is currently consolidating and is looking bearish. The break out of this range will give the next move. The price range is 1235 and 1225.


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