Gold Futures: Further downside on the cards
Open interest in gold futures markets rose by nearly 1.7K contracts on Wednesday according to advanced figures from CME Group. Volume, in the same line, reversed three consecutive daily drops and increased by around 26.4K contracts.
Gold meets resistance near $1,850
Gold prices briefly tested the 200-day SMA beyond $1,850 on Wednesday, just to give away part of those gains and close the session around $1,840 per ounce troy afterwards. The move was on the back of rising open interest and volume and is indicative that further decline could lie ahead in the very near-term. Read more...
Gold Price Analysis: XAU/USD struggles to capitalize on bounce from 200-hour SMA
Gold found a decent support near 200-hour SMA, around the $1834-33 region and staged a modest intraday bounce on Thursday. The uptick, however, lacked any strong follow-through and the commodity was last seen trading in the neutral territory through the mid-European session, just below the $1845 level.
From a technical perspective, the XAU/USD on Wednesday stalled its recent recover from two-month lows, around the $1785 region and faced rejection near the very important 200-day SMA. The subsequent fall suggested that the positive momentum might have already run out of the steam amid the risk-on mood. Read more...
Gold Price Analysis: XAU/USD struggles to built on intraday bounce, flat-lined below $1845
Gold managed to recover intraday losses, albeit lacked any follow-through buying and was last seen trading in the neutral territory, just below the $1845 level.
The precious metal stalled its corrective pullback from over one-week tops set in the previous session and managed to attract some dip-buying near the 200-hour SMA, around the $1834-33 region on Thursday. The uptick was supported by a fresh leg down in the US Treasury bond yields, which tend to drive flows towards the non-yielding yellow metal. Read more...
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