gold testing key resistance

Gold is likely to come under renewed pressure in my opinion, as it is now testing old long-term support around $1675 to $1680 area (also last year's low).

The Fed's hawkish tone hasn't changed, so there's no compelling reason why the dollar or US bond yields would fall significantly from here.

Yes, the BoE has restarted QE, but until Fed changes its stance, I doubt that the wider markets will react much to the BoE and other small CBs.

By Fawad Razaqzada