Gold going sideways after last week’s advance
The gold futures contract lost 0.08% on Monday, as it fluctuated following Friday's advance of 1.35%. Early last week it has been extending a consolidation after bouncing off $1,700 support level on Wednesday. Gold price is still trading within its medium-term consolidation, as we can see on the daily chart:
Gold is unchanged this morning, as it is still trading along $1,750 price level. Financial markets remain in risk-on mode, as stocks continue to hover along their medium-term highs. What about the other precious metals?: Silver gained 1.77% on Monday and today it is 0.4% lower. Platinum gained 3.03% and today is trading 0.4% lower. Palladium gained 0.79% yesterday and today it is 1.2% higher. So precious metals are mixed this morning. Read more...
XAU/USD analysis: Remains below 1,745.00
On Monday, the XAU/USD exchange rate consolidated in the 1,740.00 area. During today's morning, the rate maintained its consolidation.
Given that yellow metal is supported by the 55-, 100– and 200-hour moving averages in the 1,725.00/1,735.00 range, it is likely that some upside potential could prevail. Read more...
Gold flat-lined below $1740 level, bulls await fresh catalyst
Gold reversed an early dip to the $1735 region and has now moved back closer to over one-week tops set in the previous session.
The global risk sentiment remained well support by growing optimism over the global economic recovery. The same was evident from a positive trading sentiment around the equity markets, which exerted some pressure on the precious metal's safe-haven status. Read more...
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