$XAU/USD(XAUUSD.FOREX)$ Gold hit its former support level turned resistance. Look at the chart it is all technical, it hit its 200 moving average and bounced and not hitting resistance. In the short term it will be heading downwards but in a mid to longer time frame I remain bullish for gold given US will lower interest rates and loosen monetary policy, Trump is request USD 1.5 trillion dollars for their defense budget it is a 40% increase, where do you think that money will come from? It will come in the expense of devaluation of the dollar. In the short term I expect it hitting his 200 day moving average about 4150 - 4200 range before bouncing up again. the margin is too small for me, therefore I'm holding my position. How about you?
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