Gold prices are on track for the best week since the middle of July. Yet, retail trader positioning continues to offer a bearish contrarian outlook. What are key levels to watch?
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Wall Street IG Client Sentiment: Our data shows traders are now net-short Wall Street for the first time since Sep 21, 2023 when Wall Street traded near 34,068.90.Crude oil prices gapped and finished Monday 4.35% higher after Hamas’s attack on Israel generated potential supply disruption woes...
On the daily chart, gold has pushed back above the midpoint of the Fibonacci retracement level of 1848.37. Further upside confirmation has been lackluster. Further to the point, a bearish Death Cross emerged between the 200- and 50-day moving averages not long ago after prices broke under key rising support from February.
As such, the overall technical posture remains bearish biased for the yellow metal. Further upside progress is needed to overturn this outlook. Immediate resistance seems to be the 1884.89 inflection point, followed by the 50-day moving average. In the event of a turn lower, keep a close eye on the February low of 1804.78.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.a registered Introducing Broker with the Commodity Futures Trading Commission and is no longer a Member of the National Futures Association in the U.S. Any and all information provided by FXP is not intended for use by U.S. residents or individuals domiciled in the U.S.
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