As was mentioned in yesterday’s report gold would probably run into stiff resistance at $1,320 on the back of a reverse head and shoulders formation with profit taking being the main factor and the same resistance point is holding up again today.
The tense political situation in Iran which had been a major drive-in gold’s gains over the past week has dramatically calmed down in the last 24 hours with the government retaking control of the streets and this may also put pressure on the gold price as investors exit the precious metal as a safe haven.
From the US later today another strong Non-Farm payrolls figure and unemployment rate are expected to hit the market which will keep the US Federal Reserve on track to lift interest rates further and may be the final nail in the coffin for gold’s current bull run.
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