Gold Futures: Looks Neutral / Bearish in the Short Term
Open interest in gold futures fell to nearly 4.1K contracts according to CME group advanced readings on Wednesday. Volume, on the contrary, prolonged erratic performance and increased by around 72K contracts.
Gold could retreat to the $ 1,850 level
Gold prices continued the downtrend on Wednesday amid declining open interest, warning of the likelihood of a deeper pullback in the very near term. However, recent price action does not rule out a move to monthly lows of $ 1,850 per ounce (Nov 9). Read more…
Gold seeks to extend decline, eyes on $ 1,850
Gold (XAU / USD) again witnessed good price action in both directions on Wednesday, but remained trapped in the $ 20 range, well below $ 1900. Bears are expected to dominate with coronavirus fears, reports FXStreet’s Dhwani Mehta.
Key quotes: “Gold remains exposed to downside risks, as risk aversion in global markets could deepen and revive the dollar’s recovery momentum,” as investors take note of further closures around the world and their likely impact on the global economic recovery. Additionally, optimism about the vaccine has apparently faded, as its release is unlikely until spring 2021. The US registry highlights the Philly Fed manufacturing index, although covid data will likely occupy the spotlight. “Find out more …
Gold Price Analysis: XAU / USD Bounces Near $ 1,855 Each Week Amid Sinking Treasury Yields
Gold (XAU / USD) tries to bounce back from weekly lows near $ 1,855 as bulls climb back to $ 1,860 despite risk aversion fueled by relentlessly rising coronavirus cases from both sides of the Atlantic.
Markets appear to be taking profits on their short positions after price once again held at critical $ 1850 support. In addition, non-yielding gold is gaining support from the sell-off of US Treasury yields amid a lack of demand for riskier assets. Read more…