Gold Futures: Further rangebound likely
Open interest in Gold futures markets shrunk by nearly 1.6K contracts on Friday, clinching the second drop in a row in light of preliminary figures from CME Group. Volume, in the same line, went down for the second consecutive day, now by almost 127K contracts.
Prices of the ounce troy of the yellow metal are attempting a consolidative range just above the 100-day SMA, today around $1,846. Friday’s negative price action in gold amidst diminishing open interest and volume leaves the scenario of further consolidation unchanged, at least in the very near-term. Read More...
Gold sellers are waiting in the ambush
Gold is still in downtrend. This week should also be bearish so we should see selling on rallies.
1.1875-90 zone is where we see the big confluence. D H4- 38.2 and D H5 with a weekly H3 resistance level add to the confluence zone. If the market gets there we should see a rejection. Sellers should be waiting there also due to the order block just to the left. Targets are 1867 and 1850. A drop below 1850 will open a way to 1830. I am selling the rallies. Read More...
Gold Price Analysis: XAU/USD turns south, eyes two-month lows near $1850
Following a steady start to a new week in Asia, Gold (XAU/USD) is seeing a bit of selling in early Asia, as the bears look to test the two-month lows of $1849.
The spot closed last week below the August month low of $1863, triggering an alarm for the XAU bulls. The yellow metal remains at the mercy of the US dollar dynamics amid plenty of economic and political risks looming, in the face of the coronavirus resurgence.
At the time of writing, gold trades at $1857, reversing a brief dip from daily lows of $1856. The US dollar bulls appear to have regained control following Friday’s pull back from two-month lows. Read More...
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