Gold Price News and Forecast: XAU/USD at $1,700 again [Video]
|Gold: The positive near term outlook been gradually replaced by a corrective one [Video]
With broad risk appetite turning positive in recent sessions, we have seen gold slipping lower. The positive near term outlook been gradually replaced by a corrective one. The support of a three week uptrend was decisively broken by a strong negative candlestick yesterday. This is the third decisive negative move in the past seven completed sessions and is ushering in near term weakness which is continuing today. With these successive negative sessions, a new trend lower is forming, whilst momentum indicators have become corrective. The RSI is below 50 this morning (at least for now) which if closes below, would be the first time in eight weeks. Read more...
Gold daily news: XAU/USD at $1,700 again
The gold futures contract lost 1.72% on Tuesday, as it extended its downward correction from last week’s Monday’s new monthly high of $1,775.80. It has retraced almost all of the decline from April 14 high of $1,788.80 before reversing downwards again. Gold price continues to trade within an over month-long consolidation, as we can see on the daily chart (updated on Friday):
Gold is 0.7% lower today, as it trading close to $1,700 mark. Financial markets are in risk-on mode, as stocks extend their uptrend. What about the other precious metals?: Silver lost 0.55% on Tuesday and today it is 1.0% lower, platinum lost 1.47% and it trades 0.3% lower this morning. Palladium gained 0.6% yesterday and today it is 0.6% lower. Read more...
Gold slips below $1700 mark, over 2-week low
Gold dropped to fresh two-week lows in the last hour, with bears now looking to extend the downward trajectory further below the $1700 mark.
A combination of factors kept a lid on the commodity's early attempted recovery move, instead prompted some fresh selling around the $1716 region. The precious metal drifted into the negative territory for the third consecutive session and the downtick seemed rather unaffected by concerns about worsening US-China relations. Read more...
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