Gold eyeing important support at $2600
Gold finished at $2607 (-0.54%), marking a sixth straight session of falls, as US yields and the US Dollar continued to reprice higher following the robust Non-Farm Payrolls report, which ruled out a 50bp rate cut from the #Fed in Nov.
The pullback from the $2685 high towards uptrend support at $2600 has been orderly thus far, and provided the $2600 support level holds (daily closing basis), it keeps the uptrend intact and prospects of another leg higher towards $2700.
However, with positioning heavily stacked to the long side a sustained break of $2600 would warn of a deeper pullback/position wash towards support $2550/30 area.
The pullback from the $2685 high towards uptrend support at $2600 has been orderly thus far, and provided the $2600 support level holds (daily closing basis), it keeps the uptrend intact and prospects of another leg higher towards $2700.
However, with positioning heavily stacked to the long side a sustained break of $2600 would warn of a deeper pullback/position wash towards support $2550/30 area.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.