Gold eases from near 2-week tops

8 May, 2019

The global flight to safety continues to fuel the ongoing positive move. A goodish pickup in the US bond yields now seemed to cap further gains.

Gold edged higher for the fourth consecutive session on Wednesday and is currently placed at near two-week tops, around the $1288 supply zone.

The precious metal continued attracting some safe-haven flows after the US Trade Representative Robert Lighthizer confirmed that the US will increase tariffs on $200 billion worth of Chinese goods on Friday. 

This comes on the back of a modest US Dollar downtick, which provided an additional boost and further assisted the dollar-denominated commodity to build on last week's goodish post-NFP bounce from YTD lows.

However, the positive momentum remained capped near the $1288 supply zone amid a goodish pickup in the US Treasury bond yields, which tends to undermine demand for the non-yielding yellow metal. 

Hence, it would be prudent to wait for a sustained move beyond the mentioned barrier before positioning for any further appreciating move amid absent relevant market moving economic releases from the US.


Source link  
GBP/JPY plummets to fresh 6-month lows

Persistent Brexit-related uncertainties continue to weigh on the British Pound. Upbeat UK wage growth figures did little to lend support...

Gold sticks to modest gains around $1425

Persistent global trade worries continue to benefit the commodity's safe-haven status. A fresh leg of a downfall in the US bond yields...

USD longs extended by leveraged funds

According to the CFTC's positioning data for the week ending 11 June 2019, leveraged funds turned net USD buyers after four weeks of selling...


EUR/GBP recedes from recent highs

EUR/GBP keeps the positive note so far in the mid-0.8800s. After printing tops near 0.8870 on Friday, the cross recedes some ground. Uncertainty...

Gold stuck in tight range above $1290

Upbeat sentiment weighs on the precious metal. US Dollar Index retreats to 97 area. Coming up: ADP private sector employment and non-manufacturing...

GBP/USD drops sharply to 1.3080

Increased odds of no-deal Brexit, USD rebound knocks-off GBP/USD. All eyes remain on Brexit headlines, US macro data and EU Summit...


Gold rebounds from 200-hour SMA

The precious metal stalled its overnight sharp retracement slide from 1-1/2 week tops and managed to find decent support/regain positive traction...

Dollar retreats farther from year tops

Fed rate hike uncertainty kept the USD bulls on the defensive at the start of a new trading week. Global growth concerns underpin safe-haven demand...

Gold remains vulnerable

On Tuesday, the precious metal faced rejection near a short-term descending trend-line, extending from over three-month tops set in October through highs...

  


Share it on:   or