HelenRush

Gold: longer-term prospects remain bullish

TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold prices are retreating since last Friday, with yesterday’s losses were the largest since June 2017. Today, the metal is trying to slow down the downside move witnessed on the back of a widespread recovery in the greenback. In the short-term, gold may remain under some bearish pressure, while the longer term prospects remain positive.
The USD demand is rather a local technical correction after an aggressive sell-off seen last week, then a sign of an underlying demand coming back. The dollar’s fundamentals still point to the downside, as the U.S. faces the so-called double deficit, as well as the threat of narrowing the interest rate differential with other global central banks embarking on monetary policy tightening.
Therefore, the current bearish correction in gold prices could reverse as soon as the dollar bears return to the market and send the USD index to three-year lows. The immediate resistance lies at $1,331; a break above will open the way to the next target at $1,339. The key level to the downside remains at $1,300, while the short-term support is expected in the $1,322 area.
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out