Gold Prices May Rebound as Market Sentiment Sours

FxPremiere News on Gold Prices May Rebound as Market Sentiment Sours

Gold Prices May Rebound as Market Sentiment Sours

Read more below on Gold Prices May Rebound as Market Sentiment Sours update

Talking Points today by FxPremiere:

  • Gold prices drop before FOMC monetary policy announcement seen by ECB
  • Risk aversion may weigh bond yields, offering gold a lifeline
  • Crude oil prices may resume selloff as data shows supply swell.

Gold prices dropped for a third consecutive day as US Treasury bond yields rose, undermining the appeal of non-interest-bearing assets. The move may have reflected pre-positioning ahead of this week’s FOMC monetary policy announcement.

A relatively quiet economic calendar may see risk appetite trends take the forefront in the near term. FTSE 100 and S&P 500 futures are pointing lower, hinting that European and US shares will follow weakness seen on Asian courses at the start the week. That may see haven-seeking capital bid up bonds and send yields lower, offering a lifeline to the yellow metal.

Crude oil prices marked time absent fresh catalysts seen by FxPremiere Group. The standstill may be broken as the EIA releases its drilling productivity report. Gold Prices May Rebound as Market Sentiment Sours

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Gold Prices May Rebound as Market Sentiment Sours

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  • Gold Price Rebound – The Gold prices rise as the US Dollar bond yields fall on soft data seen by Experts in the field. ‘ Best Forex Signals.

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GOLD TECHNICAL ANALYSISGold prices turned lower after producing Three Inside Down candlestick pattern, Near-term support is now at 1260.86, with a break below that exposing another chart inflection point at 1241.21. Alternatively, a reversal above trend line support-turned-resistance, now at 1275.50, opens the door for a retest of the double top at 1295.45.

Gold Prices May Rebound as Market Sentiment Sours

CRUDE OIL TECHNICAL ANALYSISCrude oil prices have to digest losses after dropping to the lowest level in a month. close below support at 45.33 exposes 43.78, a level marked by the May 5th low and reinforced by the bottom of a falling channel in play since late February. Alternatively, a move back above the chart inflection point at 47.11 targets the channel mid-line at 47.92.

Gold Prices May Rebound as Market Sentiment Sours

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