Even with the interested rate hike looming over the horizon, gold recovered to 1,319$ level because of the uncertainty within Trump’s administration regarding Robert Mueller controversy.
And the fact that United Kingdom will stays within the E.U. until 2020, albeit at a limited role, helps strengthen EUR and GBP against the USD , and that pushed gold higher, however gold never touch 1,320$ and has since continue to drop so no breakout for the time being.
The market sentiment give a buy area at around 1,300$ we can expect a lot of buying power there, IF that level is achieved BEFORE Wednesday FEDS interest rate announcement then I expect it to go even lower, possibly 1,290$ level.
Some other things to note:
2018 G20 Buenos Aires summit – While the main agenda is cryptocurrencies this summit is holding right after Trump’s Tariff is in effect, so expect G20 leaders to comment on it.
(Rumor) SPDR increases its gold holding by 10.62 tonnes, suggesting that they’re also expecting more buy orders sometime soon.