$4,465: Gold looks to regain 21-day SMA amid sustained USD weakness
Gold has snapped a two-day losing streak early Tuesday, staging a decent comeback toward $4,450 after finding strong buyers below the $4,400 level.
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Australian Dollar Price Forecast: Next stop comes at 0.7280
Base case: while above the 200-day SMA near 0.6990, spot should maintain the constructive stance. Of note is that the pair is navigating close to the overbought zone (daily RSI flirting with 69), which has the potential to trigger a “technical” correction.
$4,400: Gold struggles at that level, but bulls refuse to give up yet
Gold has kicked off a new week on a bearish footing, resuming the previous downside while battling the $4,400 level amid a United States (US) holiday-led light trading.
US Dollar Weekly Forecast: Why one inflation report could matter more than a blockbuster NFP?
Joy can’t last forever, can it?
CFTC Report: – Oil rebound offsets broader positioning retreat
The week in one sentence: Speculative positioning became more defensive in the week ending September 1. Yen short positioning recorded the largest deterioration, while Gold length also retreated.
US Dollar Weekly Forecast: The Dollar had every reason to rally. Why didn’t it?
Joy can’t last forever, can it?