Spot gold ended up 0.5% yesterday, posting a three-day rebound. Despite U.S. stocks climbing higher, investors continue to see gold as a hedging option, given the uncertainty over violent protests in the U.S. and U.S.-China relationship.

Bloomberg data showed that, total known ETFs’ holding of gold increased for a twenty seventh straight session, which suggested that investors’ demand for the precious metal remains firm.

From a technical point of view, spot gold is trading within a consolidation range after a recent rebound. Bullish investors might consider $1,725 as the nearest intraday support, with prices likely to test the 1st and 2nd resistance at $1,754 and $1,765 respectively. In an alternative scenario, a break below $1,725 would indicating that gold is heading back to test the next support at $1,711.

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DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

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