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Gold Down 2nd Day in Row, But Settles Above Critical $1,780

Commodities Aug 16, 2022 04:06PM ET
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By Barani Krishnan

Investing.com -- A cursory glance at the gold market might not brood too much optimism, with prices sitting below the relatively-bullish $1,800 level.

Technical charts, however, indicate that so long as the yellow metal does not settle below $1,780, all may still be good for longs in the market.

And as of Tuesday, neither the benchmark gold futures contract on New York’s Comex nor the spot price of bullion settled below that level.

“The recent upside that took gold to $1,800 remains fairly intact, unless the $1,780 closing low is breached,” said Sunil Kumar Dixit, chief technical strategist at SKCharting.com.

The benchmark gold futures contract on New York’s Comex, December, settled at $1,789.70, down $8.40, or 0.4%, to add to Monday’s decline of almost 1%. Tuesday’s session low for December gold was $1,786.05.

The spot price of bullion, more closely followed than futures by some traders, was at $1,775.82 by 15:55 ET (19:55 GMT), down $3.69, or 0.2%, on the day. Spot gold hit a session low of $1,771.45 before pulling higher.

Gold could remain boxed at just under $1,800 till the release of the Federal Reserve’s July meeting minutes on Wednesday.

The Fed minutes have taken on increasing importance after a blowout U.S. jobs report for July eased fears over the prospect of recession. Last week’s inflation data pointed to the largest monthly slowdown in consumer price increases since 1973.

Traders are currently pricing in a less hawkish Fed, with fed fund futures showing a greater chance of officials raising rates by 50 basis points when they meet in late September, instead of 75 basis points as they have done at their last two meetings.

Gold Down 2nd Day in Row, But Settles Above Critical $1,780
 

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Comments (6)
DEVAa senapathi
ADEVA Aug 16, 2022 7:29PM ET
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DEAR BK-JI, your article is saying that "Technical charts, however, indicate that so long as the yellow metal does not settle below $1,780, all may still be good for longs in the market". Observed you've released this article about three hours back... XAU USD closed the day around USD 1775.47.... Am I right sir?
DEVAa senapathi
ADEVA Aug 16, 2022 7:29PM ET
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DEAR BK-JI, When I asked a doubt about last weekend close (https://investing.com showed $ 1803.64 as the close)even you said it's correct... but staring from 12 Aug the historical data is showing $ 1802.86 is the highest!!???? Why this variation!?
Waqas Ali
Waqas Ali Aug 16, 2022 7:18PM ET
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Today news gold update down end up
Mbongiseni Nkosi
Mbongiseni Nkosi Aug 16, 2022 7:18PM ET
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I have questions base on news I hope u can help me
Waqas Ali
Waqas Ali Aug 16, 2022 7:18PM ET
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Today news gold update down end up
Thiago Henri
Thiago Henri Aug 16, 2022 6:26PM ET
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Nice article Barani..... Maybe tomorrow with bad news we can watch gold test 1782 1785 and with FOMC members more optimists with raise rate to 3%....probable gold down under 1760 target 1730 and close on 1750 near end of August  ... But Im look for a possible 1800 again if just bad news come tomorrow,  if smart people look to retail sales forecast....appears that will come very bad news lol... Thanks again and God bless you
Tshele Mosia
Tshele Mosia Aug 16, 2022 5:55PM ET
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Soo will gold move up or down for coming weeks?
Tshele Mosia
Tshele Mosia Aug 16, 2022 5:55PM ET
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Soo will gold move up or down for coming weeks¿?
 
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