Gold Price News and Forecast: XAU/USD looks to extend the downside, eyes on $1850
|Gold Futures: Looks neutral/bearish near-term
Open interest in Gold futures markets shrunk by nearly 4.1K contracts according to advanced readings from CME Group on Wednesday. Volume, instead, extended the erratic performance and went up by around 72K contracts.
Gold could retreat to the $1,850 level
Gold prices extended the downtrend on Wednesday amidst shrinking open interest, warning against the probability of a deeper pullback in the very near-term. The recent price action, however, does not rule out a move to the monthly lows in the $1,850 mark per ounce (November 9). Read more...
Gold looks to extend the downside, eyes on $1850
Gold (XAU/USD) once again witnessed a good two-way price action on Wednesday but remained trapped in the $20 range, well below $1900. Bears are set to dominate along with coronavirus fears, FXStreet's Dhwani Mehta reports.
Key quotes: "Gold remains exposed to downside risks, as the risk-aversion on the global markets could deepen and revive the dollar's recovery momentum, as investors take note of the new shutdowns worldwide and its likely impact on the global economic recovery. Also, the vaccine optimism seemingly faded, as its dissemination is seen unlikely before Spring 2021. The US docket highlights the Philly Fed Manufacturing Index, although the covid data will likely hog the limelight." Read more...
Gold Price Analysis: XAU/USD bounces-off weekly lows near $1855 amid sell-off in Treasury yields
Gold's (XAU/USD) attempts a bounce from weekly lows near $1855, as the bulls recapture the $1860 mark despite the risk-aversion fuelled by the relentless rise in the coronavirus cases on both sides of the Atlantic.
Markets appear to take profits on their short positions after the price once again held onto the critical $1850 support. Further, the yieldless gold derives support from the sell-off in the US Treasury yields amid a lack of demand for riskier assets. Read more...
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