Gold Price News and Forecast: XAU/USD struggles to capitalize on intraday bounce, up little around $1930-32
|Gold Futures: A near-term rebound looks likely
Open interest in gold futures markets shrunk by nearly 4K contracts on Friday, reversing the previous day's build, all in light of flash data from CME Group. Volume followed suit and went down by almost 67K contracts following two consecutive daily builds.
Gold meets support near $1,800/oz
Friday's negative price action in the precious metal was amidst diminishing open interest and volume, removing some strength from a deeper pullback in the short-term. That said, decent support in gold looks to have emerged around the $1,800 per ounce for the time being. Read more...
Gold Price Analysis: XAU/USD struggles to capitalize on intraday bounce, up little around $1930-32
Gold struggled to capitalize on its goodish intraday bounce of nearly $40 and was last seen trading with modest gains, around the $1830-32 region.
The precious metal witnessed some selling during the early part of the trading action on Monday and dropped to one-and-half-month lows, albeit managed to find decent support ahead of the $1800 mark. The prevalent cautious mood extended some support to traditional safe-haven assets and assisted the XAU/USD to attract some dip-buying. Read more...
Gold Price Analysis: XAU/USD to stay under pressure while below strong resistance at $1,845
Gold failed to stage a convincing rebound last week. The yellow has been edging higher on expectations of both monetary and fiscal stimulus, recovering from the lows, but further XAU/USD decline toward $1,800 remains on the cards, FXStreet's Eren Sengezer briefs.
Key quotes: "On Wednesday, the Eurostat will release the Consumer Price Index (CPI) data for the eurozone. If CPI figures trigger a selloff in the EUR/USD pair, strong demand for the buck could also weigh on XAU/USD." Read more...
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