Gold Price Forecast: XAU/USD bears are lurking in daily moving average cloud and confluence of resistance – by fx_ross Gold DollarIndex Fed Currencies Commodities
Elsewhere, also weighing on the greenback, US stocks advanced on signs that the supply-demand gap in the labour market was narrowing, a dovish factor that is supportive of risk appetite on Wall Street. The Dow Jones Industrial Average jumped 2.7% to 30,308.63, while the S&P 500 gained nearly 3% to 3,789.49. The Nasdaq Composite was over 3.5% higher at 11,609 with all sectors in the green after midday Tuesday.
''We expect another beat on this week's nonfarm payroll data on Friday, which could present be a catalyst for a repricing lower,'' analysts at TD Securities argued. ''The pain trade is still to the downside in precious metals, and the latest positioning data highlighted that other reportables started to meaningfully liquidate their gold length, suggesting pressure towards a capitulation in gold is indeed building.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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