Gold: Was that it?
Unlike equity markets, precious metals barely got a lift from the Fed Chair Jerome Powell's speech on Tuesday. The US dollar sold off, but this too had minimal impact. It looks like gold investors are unnerved by the falling government bond prices. As a result, bond yields have pushed higher, thus undermining assets that pay no interest - like gold and silver.
The US dollar has now started to make a bit of a comeback. Gold, already on its knees following that strong US jobs report on Friday, has started to turn lower again after printing two small candles in the previous couple of sessions. A daily close below the grey shaded region on the chart would keep the short-term bias decidedly bearish. However, if it finds some unexpected support later and closes the session above $1880 then that would be somewhat bullish. Even so, it still faces a few other big levels ahead (for example at $1900) before we turn positive on the technical outlook of the metal again. For now, the path of least resistance is still to the downside.
By Fawad Razaqzada on behalf of FOREX.com
The US dollar has now started to make a bit of a comeback. Gold, already on its knees following that strong US jobs report on Friday, has started to turn lower again after printing two small candles in the previous couple of sessions. A daily close below the grey shaded region on the chart would keep the short-term bias decidedly bearish. However, if it finds some unexpected support later and closes the session above $1880 then that would be somewhat bullish. Even so, it still faces a few other big levels ahead (for example at $1900) before we turn positive on the technical outlook of the metal again. For now, the path of least resistance is still to the downside.
By Fawad Razaqzada on behalf of FOREX.com
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