gold price forecast , Headline Buyers Holding Longs at Nearly
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| gold price forecast , Headline Buyers Holding Longs at Nearly |
gold price forecast , Headline Buyers Holding Longs at Nearly
gold price forecast Gold prices are trading slightly lower on Tuesday shortly after the cash market opening after nearly erasing earlier losses. Earlier within the session, profit-taking drove the gold market through yesterday’s low, nearly filling during a gap formed Sunday night
Fears of a widespread conflict between the us and Iran persisted on Tuesday although this doesn’t appear to be the case within the safe-haven Treasurys and Japanese Yen. Furthermore, we’re seeing a drop by petroleum prices and a small pick-up in demand for stocks
At 13:35 GMT, February Comex gold is trading $1568.60, down $0.20 or -0.01%
Gold prices retreated because there was no further escalation of the tensions between the us and Iran, however, they also found support because the threat of a conflict still exists. Essentially, gold traders found no reason to ante up for prices, but felt there was value at lower prices
gold price forecast spiked higher on Friday and Monday after a U.S. airstrike that killed a high ranking Iranian military official, raised the chances of a military conflict between the U.S. and Iran
Although warnings of latest strikes and retaliation by both the us and Iran stoked concerns a few broader Middle East conflict, cooler heads have prevailed thus far , giving gold buyers an excuse to book profits. Furthermore, there are calls within the U.S. Congress for legislation to prevent U.S. President Donald Trump from getting to war with Iran
gold price forecast Bullish sentiment was also boosted after the us denied a visa to Iranian secretary of state Mohammad Javad Zarif that might have let him attend a United Nations Security Council meeting in ny on Thursday
Bullish traders also are worried about conflicting reports about American military repositioning troops in preparation for leaving Iraq. If conditions de-escalate with Iran, then this may give buyers one more reason to sell their gold holdings. Prices could drop fairly quickly on this news
In other news, speculators increased their bullish positions in COMEX gold and silver contracts within the week to New Year's Eve , U.S. government data showed
gold price forecast The two-day price action is beginning to suggest that the hedge funds sold an enormous chunk of their bullish positions to small speculators reacting to the headlines. this is often typical and is essentially how markets work
gold price forecast The hedge funds accumulated gold at lower levels in November and December as they back stock exchange weakness. They received a present when tensions escalated within the Middle East . The spike within the market wasn’t necessarily fueled by hedge funds buying, but probably by the general public chasing the market higher. So I even have to mention that if the market continues to retreat from current levels, the tiny speculator has been left holding the bag at nearly a seven-year high
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