Gold Price News and Forecast: XAU/USD climbs to three-week tops, above $1,745 ahead of Powell
|Gold Futures: Extra rangebound on the cards
Open interest in Gold futures markets shrunk by more than 3K contracts on Wednesday, according to preliminary readings from CME Group. In the same line, volume went down by around 33K contracts, partially reversing the previous build.
Gold prices keep the consolidation theme well and sound for the time being. Wednesday’s downtick was amidst shrinking open interest and volume, leaving the probability of further upside somewhat contained. That said, the next hurdle of note still emerges at the $1,760 mark per ounce troy. Read more...
Gold Price Analysis: XAU/USD climbs to three-week tops, above $1,745 ahead of Powell
Gold held on to its intraday gains near three-week tops and is now looking to build on the momentum further beyond the $1,745-46 resistance zone.
A fresh leg down in the US Treasury bond yields undermined the US dollar, which, in turn, extended some support to the dollar-denominated commodity. That said, the underlying bullish sentiment kept a lid on any further gains for the safe-haven XAU/USD. Investors also seemed reluctant and preferred to wait for Fed Chair Jerome Powell's speech before placing any aggressive bets around the non-yielding yellow metal. Read more...
Gold Price Analysis: XAU/USD clings to gains near two-week tops, around $1,745-46 hurdle
Gold refreshed intraday tops during the early European session, with bulls making a fresh attempt to clear a strong barrier near the $1,745-46 region.
Following the previous day's modest pullback, the precious metal managed to regain some positive traction on Thursday. The US dollar struggled to capitalize on the previous day's modest bounce from over two-week lows, instead edged lower during the first half of the trading action on Thursday. This, in turn, was seen as a key factor that provided a modest lift to the dollar-denominated commodity. Read more...
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