Gold Rally: Rebound or Start of the Next Bull Leg?

The recent crazy fall which erased the entire one month's upward rally is being considered as a significant move. The recent retracement that we saw, people have different views whether it will continue to the upside or downside

$5000 is a key level. A daily close below $5000 would open the door for bearish continuation, however any close above $5000 today will keep further chance of sideways or slight upward move.

Recent geopolitical tensions due to Trump,s tariff decisions and aggressive actions have been easing because of many significant countries have started making their own deals. That's why Trump has decided to ease the tariffs on many countries, which is how the geopolitical tensions are going to ease.

The Utility of Gold has not changed anywhere. The recent rise in gold prices were heavily fuelled by geopolitical uncertainty and overenthusiasm over gold as a safe heaven currency, which will gradually balance gold's price.

XAU/USD Weekly Chart