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Real Results Signal Lowering Gold, Key Support In Focus – By ASC


Gold Analysis and News:

  • US Real Results Still Post Gloomy Picture For Gold
  • IG Customer Sentiment Signals Declining Gold Review

AS The Real Result Is Still Painting A Gloomy Picture For Gold

As I said before, the increase in real yields is a concern for gold and that makes it hard for me to get a price increase on the precious metal. Now admittedly, the lower gold price initially did not happen given the failed test in 2000. With gold below 1915, this now represents resistance, while the main support lies in 1880. Until 1880 was broken, technically, gold was neutral.

Gold vs. US 10Y Real Yield

Source: Refinitive

IG Customer Sentiment Signals Declining Gold Review

Data showed 84.67% of traders were net-long with the ratio of long-to-short traders at 5.52 to 1. The number of net-long traders was 20.22% higher than yesterday and 11.47% higher than last week, while the number of net traders. -short was 19.70% lower than yesterday and 38.79% lower than last week.

We typically take a view that is contrary to public sentiment, and the fact that traders are net length suggests the price of Gold may continue to fall.

Traders are longer net than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger trading tendency against the decline in the price of Gold.

Gold Chart: 4 Hour Timeframe

Gold Price Forecast: Real Results Signal Gold Down, Key Support In Focus

Source: Refinitive

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