The latest FOMC meeting added a dose of volatility into a range of risk markets yesterday after Fed chair Powell gave both hawks and doves something to chew on. Get your market update from nickcawley1 here:
The jump higher in US bond yields hit gold hard and has sent the precious metal tumbling back toward levels last seen in April 2020. Gold has been stuck in a notable downtrend since early March, printing a regular series of lower highs and lower lows. The precious metal is now below all three simple moving averages, a negative set-up, and is looking to break resistance set between $1,614/oz. and $1,617/oz. Resistance at $1,660/oz. is unlikely to be troubled in the near term.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a
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