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GOLD BOUNCES OFF LOWS, STILL IN RED FOR SECOND STRAIGHT SESSION

•  Positive US bond yields prompt fresh selling on Thursday.

•  Lack of follow-through USD strength helps limit losses.

•  ADP report eyed for fresh trading impetus.

 

Gold traded with a negative bias for the second consecutive day and retreated further from the previous session's over 3-1/2 month tops.

 

A goodish US Dollar rebound, supported by upbeat ISM manufacturing PMI and perceived hawkish FOMC meeting minutes, triggered the initial leg of profit-taking move on Wednesday. 

 

The corrective slide extended on Thursday and was being weighed down by a modest uptick in the US Treasury bond yields, which tends to dent demand for the non-yielding commodity.

 

The greenback, however, lacked any follow-through buying interest and helped limit deeper losses for the dollar-denominated commodity, at least for the time being.

 

Investors now look forward to the release of ADP report, which would influence expectations over Friday's headline NFP print and eventually provide some trading impetus later during the early NA session.

 

Technical levels to watch

 

Currently trading at $1310 level, immediate support is pegged near the $1300 round figure mark, which if broken could extend the corrective slide back towards 100-day SMA support near the $1287 region.

 

On the upside, any meaningful up-move might now confront fresh supply near $1317 level, above which the commodity seems to head towards $1323 intermediate resistance en-route $1332 supply zone.

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