Gold prices completed an evening star pattern on the weekly chart, but are sellers ready to re-gain control of price action with so many geopolitical pressure points?
Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger AUD/JPY-bullish contrarian trading bias.
The Euro has been building strength in anticipation of the ECB preparing to fight inflation against the backdrop of war in Ukraine. Will President Lagarde lift EUR/USD?
Gold prices rebounded mildly after falling 3.4% last week as investors weighed lingering geopolitical risks from the Ukraine war. Gold ETFs saw large net inflows over the past few weeks.