A firmer USD and a renewed rally in global bond yields have dragged gold prices, breaking through mild support at 1720-25 to now look at falling through 1700. Get your market update from JMcQueenFX here:
A firmer USD and a renewed rally in global bond yields have dragged gold prices, breaking through mild support at 1720-25 to now look at falling through 1700. What’s more, rising China growth concerns as another city will be placed under lockdown measures also add to the pressure on both gold and. Recent talk of the ECB gearing up for a 75bps rate hike is likely to keep the precious metal under pressure until next week’s monetary policy meeting.
and US CPI report. That being said, should gold close below 1670, the path of least resistance would be for a move towards 1600.IG Client Sentiment Signals Strong Bearish Contrarian Biasata shows 82.26% of traders are net-long with the ratio of traders long to short at 4.64 to 1. The number of traders net-long is 2.34% higher than yesterday and 4.68% higher from last week, while the number of traders net-short is 0.41% higher than yesterday and 3.19% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall.the combination of current sentiment and recent changes gives us a stronger Gold-bearish contrarian trading bias
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Perseus makes Sudan plans as profits soarGold miner Perseus Mining has announced plans for a final investment decision on its recently acquired Block 14 gold project, in the Sudan, by the second half of 2023, while also announcing record financial results for the 2022 financial year. Perseus MD Jeff Quartermaine told delegates at Paydirt’s Africa Downunder conference, in Perth, that the Block 14 operation could add 200 000 oz/y of gold to Perseus’ production profile, with the project estimated to have a mine life of 13-years, based on a current reserve of 2.85-mllion ounces of gold and a resource of 3.34-million ounces of gold.
Read more »
Harmony Gold drops on profit slump, tough mining conditionsCompany paused a project to extend the mine life at its Tshepong operations, citing tough mining conditions and low grades.
Read more »
I Tried Jenny Bird's Bestselling Gold Jewelry Pieces and They're 100% Worth the InvestmentOur shopping director tries Jenny Bird's bestselling necklace and earrings — read her honest review and see her photos.
Read more »
Why Gold-Backed Tokens Grow During Bear Run | HackerNoonThings are not as grim as they may seem, especially for gold-backed tokens. These assets peg their blockchain values to the real-world price of gold.
Read more »
Gorillaz Dig Up Some 'New Gold' With Tame Impala, the Pharcyde's Bootie Brown.gorillaz have linked up with tameimpala and thepharcyde's Bootie Brown for a new song, “New Gold.”
Read more »
Gold Price Forecast: XAU/USD renews six-week low with eyes on $1,698, US NFPGold price (XAU/USD) portrays the market’s risk-aversion wave as it drops to the lowest levels since July 21 amid a rush toward the US dollar. That sa
Read more »