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Gold price (XAU/USD) falls further as upside risks of Middle East tensions ease. The precious metal remains on the backfoot as market participants expect conflicts to remain contained between Israel and Palestine. Along with fading Middle East conflicts, caution over the interest rate outlook from the Federal Reserve (Fed) has dampened appeal for the Gold. Investors […]
Open interest in gold futures markets shrank by almost 1K contracts after three consecutive daily pullbacks on Tuesday, according to preliminary readings from CME Group. Volume, instead, remained choppy and went up by around 123.5K contracts. Gold: A drop to the 200-day SMA is not ruled out Gold prices extended the pessimism in the first half […]
Oil Number of oil rigs in the United States dropped below 500 but production stays at elevated levels. Source: Bloomberg Finance LP WTI (OIL.WTI) dropped below $80 per barrel for the first time in 2 months and is testing a support zone marked with 50% retracement of the upward move launched in May 2023. Source: […]
Gold price (XAU/USD) remains under some selling pressure for the second successive day on Tuesday and maintains its offered tone, just above the monthly low heading into the European session. The ongoing US Dollar (USD) recovery from its lowest level since September 20 touched on Monday is seen undermining the commodity. Moreover, the fact that […]
CME Group’s flash data for gold futures markets noted traders increased their open interest positions for the third consecutive session on Monday, this time by nearly 3K contracts. Volume, instead, resumed the downtrend and shrank by around 76.2K contracts. Gold faces a minor support around $1950 Gold kicked off the week on the back foot amidst […]
Gold price hovers around $1,990 per troy ounce during the Asian session on Monday, struggling to continue the winning streak. However, the bullion prices improved on expectations that the US Federal Reserve (Fed) may conclude its monetary policy tightening after the subdued employment data from the United States (US). However, Gold prices could experience downward pressure amidst […]
Gold price (XAU/USD) attracts some buyers for the second successive day on Friday and sticks to its modest intraday gains heading into the European session. Bets that the Federal Reserve (Fed) is nearing the end of its policy-tightening campaign and start cutting rates in June 2024 keep the US Dollar (USD) bulls on the defensive. […]
Gold price (XAU/USD) attracts fresh buying on Thursday, albeit lacking a follow-through and remains below the $2,000 psychological mark heading into the European session. The US Treasury bond yields and the US Dollar (USD) continue to drift lower in the wake of expectations that the Federal Reserve (Fed) may be done raising interest rates. This, […]
Gold price (XAU/USD) extends its two-day losing spell as investors turn cautious ahead of the interest rate decision by the Federal Reserve (Fed). The precious metal falls sharply even though markets widely expect that the Fed will keep interest rates unchanged in the 5.25%-5.50% range. However, a hawkish interest rate outlook is highly anticipated as robust spending […]
Gold price (XAU/USD) extends the previous day’s retracement slide from the vicinity of a five-and-half-month peak touched last week and continues losing ground for the third successive day on Wednesday. The precious metal maintains its offered tone heading into the European session and currently trades near the weekly low, around the $1,978 region. Easing concerns […]