Gold11 Jul 2018 10:42
Gold's price is normally depndt upon the $ and primarily UsdJpy.
*However*, it has apparently become dpndt upon yuan strength currently. This therefore accounts for why gold has been tanking (and let's face it, it has... from highs of $1360s to recent lows of $1230s).
Posted repeatedly that any rise/rally wld be short term and it's a case of sell the rallies and so it continues. Following a $10-ish rise yday, yuan devaluation ON has resulted in Gold hitting resistance once again.
That said, once Trade Wars aka Currency Wars can gain a resolution and China stop devaluing yuan as retaliation against tariffs shd allow gold to rally.
How long that is sustained , is anyone's guess but until $1280-1300 is well and truly breeched, gold remains bearish. So bulls beware for now....;)