Gold prices have been reigned in after the massive push to another new all-time high. However, recent price action and a stronger dollar suggest more cooling to come
At the start of the coming week, the prior high of $2146.80 comes immediately into view as an early indication of whether bears may set the tone for the week. It’s a quiet week apart from final Q4data for the US and UK just to list a few and then on Friday PCE data for the month of Feb is due.
The dollars strong, immediate recovery poses a challenge for further upside for gold over the shorter-term and with few catalysts to choses from next week, gold may consolidate around the prior all time high with a view to trade lower.The weekly chart helps put golds multi-week advance into perspective.
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