Dukascopy Bank Team
Dukascopy Bank SA
"There were no new policy announcements there and a lot of it is already built into the U.S. dollar."
- Jeffrey Halley, OANDA (based on Reuters)
-
Pair's Outlook
During the early hours of Wednesday's trading session the yellow metal was in its third consecutive session of losses, as the bullion's price retreated below the 1,250 mark and it even had touched the 1,242.42 level. Gold is likely to fall until it reaches the support provided by the uptrend line, which has been pushing the commodity price higher since December 21. On Wednesday the line's support was located at 1,240.14 level. However, if that support is passed, the metal will face a strong support cluster, which begins at 1,236.39. -
Traders' Sentiment
Traders have not changed their opinion, as 53% of open positions remain long on Wednesday. Meanwhile, 61% of trader set up orders are to buy the bullion.
Interested in Gold technicals? Check out the key levels
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
EUR/USD alternates gains with losses near 1.0720 post-US PCE
The bullish tone in the Greenback motivates EUR/USD to maintain its daily range in the low 1.070s in the wake of firmer-than-estimated US inflation data measured by the PCE.
GBP/USD clings to gains just above 1.2500 on US PCE
GBP/USD keeps its uptrend unchanged and navigates the area beyond 1.2500 the figure amidst slight gains in the US Dollar following the release of US inflation tracked by the PCE.
Gold keeps its daily gains near $2,350 following US inflation
Gold prices maintain their constructive bias around $2,350 after US inflation data gauged by the PCE surpassed consensus in March and US yields trade with slight losses following recent peaks.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.