Gold was trading 0.54% down at $1,801.10
Gold was down on Wednesday morning in Asia. The dollar strengthened and fears about the recent surge in COVID-19 cases involving the Delta variant also eased, thus increasing investors’ risk appetite.
Gold Futures edged down 0.18% to $1,808.05 by 1:10 AM ET (5:10 AM GMT). The dollar, which usually moves inversely to gold, inched up on Wednesday to a near three-and-a-half-month high. Benchmark 10-year U.S. Treasury yields also bounced off five-month lows.
Asian shares were also mostly up on Wednesday, as investors regained risk appetite thanks to upbeat earnings reports and revived economic optimism.
In Asia, the Bank Of Japan (BOJ) also released the minutes from its latest policy meeting. Many BOJ policymakers were worried rising global commodity costs will gradually push up the country’s inflation, though some also said that weak consumption will keep any upward pressure modest.
On the technical front Gold , RSI Stood at 45.714, the current price is trading Below the Moving Averages 5 & 50 . So, a Sell trade can be executed with the following target and stop-loss:
TRADE SIGNAL- Gold – SELL: 1,805.60, TARGET:-1,755.60, STOP LOSS:- 1,830.60.