Gold Price News and Forecast: XAU/USD bounce from Thursday's low stalls at $1,730

Gold Price Analysis: Bounce from Thursday's low stalls at $1,730

Gold's recovery rally from Thursday's low of $1,715 looks to have stalled at $1,730. The safe-haven yellow metal is currently trading at  $1,725 per ounce, having hit a low of $1,722 a few minutes before press time. 

A re-test of $1.715 could be seen, as the daily chart studies have aligned in favor of the bears. Prices fell 1.24% on Thursday to register the biggest single-day percentage decline since April 30 and closed well below $1,727, which is the low of the bearish inverted hammer formed on May 18. Essentially, Thursday's close confirmed the bearish reversal signaled by the inverted hammer. 

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Asia FX & Gold: Bullion complex correction as caution carries the day in currencies

The entire precious metals complex corrected in unison on profit-taking and firmer USD, and I think there was some technical around delivery risk playing into mood music for gold.  The bullion complex corrected after recent substantial gains. A "risk-off" mood in Europe didn’t help gold one bit, which edged down in both Asian and European trading but fell hardest in US hours before mounting a recovery off the mat. 

The gold market is signalling that fears have eased over supply-chain snags that, in March, set off a clamour to get hold of the metal. On Thursday the discount of the most-active futures to the second most active widened to the biggest since 1981, a sign that more buyers want to roll into later contracts rather than take physical delivery of the metal.

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