Gold Price News and Forecast: XAU/USD retracing from Wednesday’s high
|Gold to correct lower in the near term?
The general consensus among most analysts is for gold upside in the short and medium term. A recent piece on Bloomberg’s Market Live Blog is making a case for a gold correction in the near term. The logic for the correction was as follows:
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The central bank stimulus has now been priced in and the reflation trade is now faltering.
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The financial system is not collapsing, yet core gold bullishness is based on the fear that central bank liquidity will devalue fiat currencies and lead to inflation combined with safe haven demand. Read More...
Gold retracing from Wednesday’s high
The gold futures contract lost 0.25% on Thursday, as it retraced some of the recent advance. The market got very close to $1,800 mark on Wednesday but then it has reversed lower. The recent economic data releases didn’t bring any new surprises for the financial markets. However, gold broke above its local highs, as we can see on the daily chart.
Gold is unchanged this morning, as it is continues to fluctuate along Wednesday’s and yesterday’s closing prices. What about the other precious metals? Silver gained1.27% on Thursday and today it is 0.3% higher. Platinum lost 0.24% and today it is trading 0.3% lower. Palladium lost 2.30% yesterday and today it is up 0.8%. So precious metal sextend their short-term consolidation today. Read More...
Cycle trading: Is gold ready to begin a trending move?
Gold had been contained by the 1750 resistance level for the prior 11 weeks. Gold is in position to close above 1750 resistance level on a weekly basis. A close above this resistance level is necessary for a trending move to develop. Currently, gold is in a weekly uptrend. Gold will remain in its weekly uptrend unless it closes below the lower weekly cycle band. Read More...
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