Gold's 4 Four Week Streak of Gains at Risk as XAU/USD Tries to Hold $5k

The weekly chart is currently showing as a bearish engulf in gold and this stands in stark contrast to how the week had started, with an initial rally on the back of geopolitical tensions that saw the metal press up to the $5400 level, albeit temporarily. That level is where the music stopped on the long side as prices then began a pullback that eventually drove back to a clean re-test of the $5k psychological level on Tuesday morning which, so far, has held the lows for the week.