By Orbex
The precious metal broke the support near 1850, falling to a four-month of 1830 before pulling back moderately.
The declines come amid rising optimism of a Coronavirus vaccine. The US dollar rebounded, adding further pressure to the precious metal.
Gold prices have been trading on a softer note in the past few sessions, following the declines from 9th November.
With the 1850 handle breached, the precious metal is likely to extend declines down to the 1800 level next.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
To the upside, any retracement toward the 1850 level could see additional selling opportunities for investors.
By Orbex
- US Fed tilts towards a rate cut despite the postponement. HKMA left the rate unchanged at 5.75% May 2, 2024
- Brent crude oil hits seven-week low May 2, 2024
- Target Thursdays: USDJPY, Copper & EURCAD May 2, 2024
- WTI oil declines on rising inventories and negotiations between Israel and Hamas. Rising unemployment in New Zealand may force RBNZ to start cutting rates earlier May 1, 2024
- Bitcoin stumbles below $60k ahead of Fed May 1, 2024
- Expert Says Now Looks Like a Good Time To Buy This Renewable Energy Stock Apr 30, 2024
- Optimism over corporate earnings is fueling stock indices. The Hong Kong index reached a 5-month high Apr 30, 2024
- FXTM’s Copper: Hits fresh two-year high! Apr 30, 2024
- European indices grow on the ECB’s “dovish” position. Quarterly reports of mega-companies support the broad market Apr 29, 2024
- Japanese yen shows volatility amid speculation of intervention Apr 29, 2024
