Extra gloom in retailer for gold as November low appears to be giving approach

The promote all the pieces mode available in the market is dragging gold decrease as effectively

Gold D1 26-02
Spend money on your self. See our foreign exchange training hub.

Gold is down zero.7% on the day as worth falls beneath its 30 November low @ $1,764.80, buying and selling to ranges final seen since June final yr.

With the November low and retracement stage @ $1,763.51 out of the image, gold appears primed for a take a look at of $1,700 subsequent with a flush in direction of $1,670-90 on the playing cards.

It has been a tough begin to the brand new yr for gold with seasonal tailwinds failing to supply a lot reprieve in January and now this in February buying and selling.

When gold, I proceed to have a look at ETF holdings as the primary driver in the intervening time and the indicators are displaying that traders are nonetheless shedding positions for now:


So long as that continues, the dearth of enthusiasm within the yellow metallic may even see gold powerful to seek out a lot footing as it’s caught between a rock and a tough place – each from a technical and considerably basic perspective in the intervening time.

The surge larger in yields this week is one more reason that punches gold proper within the intestine, with actual yields within the US having risen by virtually 40 bps for the reason that begin of the month:


Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Adblock Detected

Please consider supporting us by disabling your ad blocker