Gold Price News and Forecast: XAU/USD broke below $1500/oz

FXStreet Team FXStreet

Gold: Stronger US dollar crimps appetite – ANZ

Gold broke below $1500/oz amid extremely high volatility and investors covering losses in equity markets, analysts at ANZ Research apprise.

Key quotes

“Gold prices started the session stronger, as the darkening macro backdrop attracted safe haven buying. However, this was once again overtaken by liquidation as investors tried to cover losses from heavy losses in equity markets.” Read more...

Gold Futures: Further decline appears contained

Traders trimmed their open interest positions by almost 6K contracts on Wednesday, resuming the downtrend following Tuesday’s build, according to preliminary data from CME Group. In the same direction, volume dropped for the second day in a row, this time by nearly 2.3K contracts.

Gold stays supported around $1,450/oz

Wednesday’s pullback in the ounce troy of gold was on the back of shrinking open interest and volume, hinting at the idea that a deeper retracement seems to be losing momentum. Read more...

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FXStreet Team

FXStreet

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