A modest pullback in gold having stalled at 1800, while a pick up in USD demand also weighs on the precious metal. Get your market update from JMcQueenFX here:
A modest pullback in gold having stalled at 1800, while a pick up in USD demand also weighs on the precious metal. However, once again, the 50% Fibonacci retracement of the post-Covid range garners attention. This time keeping gold support in the short run. As shown in the chart below 1760 has been a key level for short-term direction and the fact that gold has held this level, keeps markets looking to the topside.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Gold trading bias.
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