Gold: the outlook is deteriorating for the yellow metal [Video]

Richard Perry Independent Analyst

Gold

With US bond markets shut and broad risk aversion yesterday, the gold bulls had an opportunity to show some support yesterday. However, an intraday gain was once more seen as a chance to sell. The closing breach of the October low at $1458 now confirms that gold is turning corrective. After months of sideways drift, the outlook is deteriorating for gold. Momentum is really showing corrective pressure building now. The RSI under 35 is now the lowest since August 2018, when the bull run really first kicked off. The MACD lines and Stochastics are also moving into bearish configuration. A close under the old July high of $1452 the way is effectively open for a retreat towards the support band $1380/$1400. With overhead supply between $1458/$1480, we now see this as a sell zone for stale bulls.

Author

Richard Perry

Independent Analyst

EUR/USD stays depressed near 1.1850 ahead of German ZEW

EUR/USD remains in the red near 1.1850 in the European session on Tuesday. A broad US Dollar bullish consolidation combined with a softer risk tone keep the pair undermined ahead of the German ZEW sentiment survey.

GBP/USD drops below 1.3600 after weak UK jobs report

GBP/USD is seeing a fresh selling wave, giving up the 1.3600 level in Tuesday's European trading. The United Kingdom employment data showed worsening labor market conditions, bolstering bets for a BoE interest rate cut next month. This narrative is weighing heavily on the Pound Sterling.

Gold pares intraday losses; keeps the red above $4,900 amid receding safe-haven demand

Gold (XAU/USD) attracts some follow-through selling for the second straight day and dives to over a one-week low, around the $4,858 area, heading into the European session on Tuesday.

Pi Network rallies ahead of its first anniversary

Pi Network trades above $0.1800 at the time of writing on Tuesday, recording nearly 5% gains so far. On-chain data indicate that large wallet investors, commonly known as whales, have accumulated approximately 4 million PI tokens over the last 24 hours.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.