Gold Technical Analysis: Venezuela events pushed prices up but US NFP the next risk event
KEY POINTS:
- Gold rallied overnight on geopolitical news
- US NFP report on Friday a key risk event
- Big picture trend remains skewed to the upside
- Trendline around the 4230 level could act as strong support
FUNDAMENTAL
OVERVIEW
Gold has been supported
recently by the soft US NFP
and CPI
reports before the Christmas holidays. That helped to push the precious metals
into new all-time highs before a quick selloff brought prices back to the original levels.
Today, gold saw some upside overnight on geopolitical news . In fact, the US President Trump escalated rhetoric across Latin America, reinforcing Washington’s assertion of control over post-Maduro Venezuela while openly signalling that Colombia and Mexico could also face US action as part of a…
