Gold Futures: Upside seen contained
Traders scaled back their open interest positions in gold futures markets for the second session in a row on Tuesday, this time by around 4.1K contracts in light of preliminary figures from CME Group. Volume, instead, reversed Friday's pullback and rose sharply by nearly 154K contracts.
Gold remains supported by $1,800/oz
Gold closed Tuesday's session with small gains amidst an inconclusive price action and shrinking open interest. That said, extra gains look somewhat contained in the very near-term, while the next resistance lines up at $1,900 per ounce and decent support so far emerged in the $1,800 neighbourhood. Read more...
Gold Price Analysis: XAU/USD eyes critical $1862 resistance ahead of Biden's inauguration – Confluence Detector
Gold (XAU/USD) is advancing above the 200-day SMA, as the US inflation expectations continue to rise, in anticipation of a massive stimulus package under the incoming Biden administration. Stimulus expectations boost gold's appeal as an inflation-hedge while downing the safe-haven US dollar.
Treasury Secretary nominee Janet Yellen's backed President-elect Biden's view for higher fiscal spending, noting that its benefits outweigh the expenses of a higher debt burden. Biden's inauguration speech is eagerly awaited for fresh hints on the stimulus plan. Read more...
Gold Price Analysis: False break of the $1819 uptrend allows for XAU/USD recovery – Commerzbank
Strategists at Commerzbank suspect the yellow metal has seen a false break of the 1819 uptrend which allows for recovery with the first resistance seen at 1906.
Key quotes: "Gold traded through the 10-month uptrend at 1819 but did not close below here and we suspect has seen a false break of trend line support. If we are right we should regard 1810 as an interim low and look for the market to again recover." Read more...
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