XAUUSD - Remains at risk amid Bullish retail Traders
So far this month, gold prices have weakened about -3.2 percent as a combination of rising Treasury yields and a stronger US Dollar pressured the yellow metal. If losses are sustained, this could be the worst month for XAU/USD since February.
In response, retail traders have continued to increase upside exposure. This can be seen via IG Client Sentiment (IGCS). The latter tends to function as a contrarian indicator, hinting that further pain might be in store for gold.
In response, retail traders have continued to increase upside exposure. This can be seen via IG Client Sentiment (IGCS). The latter tends to function as a contrarian indicator, hinting that further pain might be in store for gold.
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Immediate support is the 38.2% Fibonacci retracement level at 1903. A confirmatory close under this point exposes the midpoint at 1848. Otherwise, in the event of a turn higher, keep a close eye on the falling trendline from April. This could hold as resistance, maintaining the near-term downside focus.
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🔹JP_Morgan shares lose $11 billion in one day, and General Motors shares fall to their lowest level in two months.
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Last night, gold prices penetrated the key support level of $1,900. Precious metals are fluctuating at the lowest prices in more than 5 months.
