Gold rose a little in the middle of last week, as investors took a risk-off approach to equities. But opening this week has seen futures markets rally, which could put downward pressure on the precious metal.

We are coming off recent lower lows and the 4-hour chart is showing a head and shoulders pattern that could see a break lower.

If the support level breaks, and equities have one final push higher over Xmas, we could see Gold fall lower.

Also, the US dollar is potentially oversold, and if we see some strength on the DXY, we could see Gold pullback further.

Short Gold on break of support 1.33 RR

Dec 14 2020

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