Commodities Analysis and Opinion
XAU/USD: Gold Can Resume Lower During Dollar Strength vs CNH
2024.12.18 09:02
The drop on from 2726 is without overlaps, suggesting an impulsive bearish move. This price action is expected to resume to the downside after the current wave 4 rally, which could potentially stop around 2660 later today.
One of the key currencies for metals is certainly the Chinese yuan, as the pair still appears to be in a small fifth wave higher. This could contribute to further downside pressure on precious metals.
