. Gold eye $1850 on impending death cross - Capital Street Fx

Gold eye $1850 on impending death cross

COMEX Gold futures price

The COMEX Gold futures price is up 0.38% at $1857.2 per troy ounce on mid-Monday trades.

Gold price is clawing back towards the $1,860 level after declining below it on the Friday of previous week. The Asian recovery of the gold demand was driven by a minor pullback in the US treasury yields. Additionally, soaring oil prices on Saudi Arabia’s price hike reinforce the demand for inflation-hedge gold.

Prices of gold futures are edging higher early Monday on low volume as traders continued to assess the impact of the U.S. Non-Farm Payrolls, May report on future Fed rate hikes. Following a steep sell-off on Friday, the price action suggests the robust U.S. jobs data signals more interest rate increases this year.

This week’s ECB meeting and US inflation report could ramp up gold’s volatility and influences its price. The ECB is expected to announce its rate decision and release monetary policy statement this week. It is expected that the ECB will hike its policy rate by 25 basis points (bps) in July.

On the technical side, the RSI of COMEX gold futures stood at 47.74 and is currently trading below MA (5) and MA (50) but above MA (20). So, SELL position can be taken with the following target and stop-loss:


About Author

Related posts

Leave a Reply