February 4, 2023

Forex Solution

Learn To Trade Forex

Gold continues march towards $1,800, capitalises on weaker dollar and softer yields

1 min read


Gold is up 0.5% to $1,785 levels now

Gold D1 19-04

The gold conundrum continues to remain in the same place as it was last week, that being the technical side of things running against the odds of the fundamental aspect.

Looking at the chart, gold is playing out as it should be on the break above resistance at $1,755 and since then, there isn’t much turning back as price continues to look towards $1,800 and the 100-day moving average (red line) – now seen @ ~$1,804.

That said, as much as gold is playing out as it should from a technical perspective, it is tough to see gains sustain in the bigger picture as ETF holdings are still being trimmed.

ETF holdings were shed for a fifth straight session, keeping at its lowest level since 20 May last year and it may very well be a matter of time before gold starts playing catch up to that if investor appetite doesn’t improve as we get towards the latter stages of April.
Invest in yourself. See our forex education hub.


Source link

Copyright © All rights reserved. | Newsphere by AF themes.