HelenRush

Gold: upside risks persist

TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold has registered the third consecutive weekly gain and continues to hover close to the July highs, although buyers’ enthusiasm seems to be abating gradually. However, the precious metal could still retain the bullish tone down the road as global risk sentiment remains somehow unsteady.

A good sign for gold bulls is the fact that the metal stays afloat even as the selling pressure on the greenback looks limited. Moreover, the speculative positioning shows that net shorts are now at the highest levels in almost twenty years. So there is still scope for further rise in prices should the buck refrain from any impressive rally in the coming week.

The Friday’s US GDP report will be important in this context. The figure will likely decline from 4.3% to 3.3-3.2%, which is a dollar-negative scenario and another bullish opportunity for the bullion at the same time.

From the technical point of view, as long as the yellow metal keeps above the $1,215 support, the chances for further rise remain rather high.
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