Gold fell today as the dollar strengthened and the North Korea situation eased. Meanwhile, traders are asking if Gold is ready to rally? What does the latest 29 May XAUUSD Technical Analysis from OctaFX show?
29 May, OctaFX – Gold fell today as the dollar strengthened and the North Korea situation eased. The decline ended a gaining streak that saw the metal rise by almost three percent. Gold tends to do well when global uncertainties are on the rise and when the dollar is falling. This is because investors use gold as a safe haven in times of uncertainties.
29 May XAUUSD Technical Analysis
Today, gold fell against the dollar as the latter strengthened. Gold fell by almost 50 basis points as the dollar index rose by about 20 basis points. As shown below, the XAU/USD pair fell to an intraday low of 1,295, which is an important support level.
In the past one week, the pair rose from a low of 1,281 and reached an intra-week high of 1,307 as global tensions rose. The pair is likely to test the 1,300 level which is also the 23.6% Fibonacci Retracement level as shown below.
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