Gold: Downside risks with key supports in focus – OCBC
Christopher Wong at OCBC notes Gold has extended its decline to a seven-week low, pressured by higher Oil prices, firm US Treasury yields and a stronger Dollar. The break below $4,200 has intensified technical selling, with near-term direction tied to Oil and rates.
OCBC analyst Christopher Wong reports that gold has reached a seven-week low, driven by rising oil prices, rising US Treasury yields, and a stronger US dollar. The break below $4,200 has led to increased technical selling, with near-term direction influenced by oil and rates. OCBC believes the risks are predominantly to the downside.
Gold failed to regain above the $4,300-$4,350 moving averages, which may prolong the bearish pressure. Support levels are at $4,100, $4,000, and $3,944, while resistance is found at $4,300/50 and $4,460.
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