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    GOLDWELL:Daily Market Recap - GOLD

    GOLDWELL   |   2020-06-30 10:18:22

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    摘要:Gold prices are struggling to maintain buying momentum after last week’s rally.

    Gold prices are struggling to maintain buying momentum after last weeks rally. The yellow metal attracted demand as investors started to price in an additional round of monetary stimulus in light of the recent uptick in COVID-19 infections in the US and elsewhere in the world.


    Gold is trading relatively flat at the time of writing, gaining 0.12 percent on the day. Buyers and sellers appear to be equally matched at this price point as indicated by early signs of a Doji candle forming in the daily chart, suggesting prices may break dramatically in the near future.


    Analysts have pointed out that gold prices appear to be trading in line with stocks recently as opposed to the traditional safe-haven flow pattern. Investors are more likely buying gold to hedge against medium-term inflation expectations whilst looking to US Treasuries as the real safe haven asset as evidenced by their decreasing yields in the past sessions.


    Trouble may lie ahead for gold should market liquidity dries up triggering a fall in global equities. Gold traders would prefer to stock up on the greenback which in turn would weigh on gold prices as we saw back in March.


    From a technical perspective, the 1,780 target still remains attainable, though a return below the 1,765 handles seems more likely. Momentum remains in favor of the bulls looking at the daily chart. However, should prices fail to hold above the 1,770 marks, the next support will likely only be felt around the 1,755 level along the upward trendline?


    image.png

    (Chart Source: Tradingview 29.06.2020)


    On the upside, there isnt much in the chart to suggest strong gains in the short term as the 1,780 resistance level looks set to cap any large rises in the yellow metal. Traders should be cautious chasing gold prices higher at this level.


    Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.


    特别声明:本文为天眼自媒体平台“天眼号”作者上传并发布,仅代表该作者观点。天眼仅提供信息发布平台。

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