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Gold testing multi year trendline

EURUSD Tech analysis by Simon Kazinsky on 18:30 July 04, 2018 EST

Retail traders are aggresively buying the precious metal. 83 out of every 100 involved in trading XAUUSD are long. The ratio has remained stable as the price of the instrument has been in long term consolidation.

But this quietness may come to an end shortly as the price of gold tests the supporting trendline on the monthly chart.

The dollar remains strong at present so a break and a sudden move down from the support level at around $1250/oz may have more to do with the buck's strength than gold weakness.