Gold is trapped in a range but bears are still in control
Gold is trapped in a range and bears are controlling it. However bulls might still get their chance.
The 1818-30 zone is good for buyers. We can see the lack of sellers there and at this point this is the only zone where buyers might expect the price to go up. Everything else is bearish. 1860-1880 is where sellers are and there is possibility of new selling towards lower levels. Below 1818, breakout towards 1808 should happen and above 1860, 1880 is the resistance. Watch for rejections in those zones. Read more...
Gold Price Analysis: XAU/USD remains trapped between 50 and 200-DMA ahead of US data
Gold (XAU/USD) trades on the front foot this Friday amid dovish comments from the Fed Chief Powell.
However, gold's further upside remains elusive, as the safe-haven demand for the US dollar is on the rise, with markets uncertain about the details of President-elect Joe Biden's $1.9 stimulus package unveiled earlier in the Asian session.
Gold Futures: Further consolidation likely
Traders increased their open interest positions by nearly 2K contracts on Thursday according to preliminary data from CME Group. In the same line, volume rose for the second session in a row, this time by around 37.1K contracts.
Gold looks side-lined below $1,900/oz
Gold prices charted an inconclusive session on Thursday amidst rising open interest and volume, exposing further consolidation at least in the very near-term. That said, the next hurdle of note remains at the $1,900 per ounce for the time being. Read more...
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