Gold Price News and Forecast: XAU/USD - Gold stuck in no mans land
|Gold Spot ($) Intraday: turning down
Pivot (invalidation): 1466.00
Our preference
Short positions below 1466.00 with targets at 1462.00 & 1459.00 in extension.
Alternative scenario
Above 1466.00 look for further upside with 1469.00 & 1472.00 as targets.
Comment
The RSI is bearish and calls for further downside.
Gold stuck in no mans land
Gold is still in no man's land after giving back most of last week's gains post-US payrolls. Activity is still reasonably slow ahead of FOMC but could also be a function of year-end trading malaise.
Gold topside so far remains limited in this current environment as momentum remains for higher bond yields going into year-end. The global reflation trade continues to resonate – that's, of course, if we can clear Brexit and US-China risk. Read more...
Gold sidelined near $1465 level, FOMC awaited
Gold lacked any firm directional bias and seesawed between tepid gains/minor losses, around the $1463-66 region through the early European session on Wednesday.
Following some modest gains over the past two trading session and the previous session's late pullback, spot prices were largely unchanged on Wednesday as investors awaited fresh US-China trade headlines and the FOMC policy decision.
Focus on trade developments, FOMC
The US-China trade talks showed little progress and conflicting reports on Tuesday further added to the uncertainty ahead of the December 15 deadline for the imposition of additional tariffs on around $156 billion worth Chinese products. Read more...
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