ObservingMarkets Even though Gold took a dip on Friday due to Strong NFP data from USA, it has likewise found support around 1940 zone and rallied with the release of disappointing Services PMI on Monday.
It make sense that gold continues to shine, since traders are attempting to protect their wealth at this juncture. There are a lot of crosswinds right now that could pose problems, so there is high probability that gold will eventually take off again.
Technically speaking, this is a buy on the dip situation. The bias is towards the upside with near term resistance around 1974 and 1983 further up.
