Not too long ago we saw XAUUSD break strongly below a bullish trendline on the daily chart. Since then, we've seen some consolidation. Could this have been a fake out to shake long holders out of their positions?
The last two weeks have been bullish, a stark difference to the first week of May where gold fell well over 800 pips. Some of this is certainly due to seeing the USD finally taking a breath as it has shown its first signs of weakness this year. If the U.S. Dollar continues to fall through the summer then we might see this as the beginning of another uptrend for gold.
