* European Central Bank policy meeting due on Thursday * More platinum deficits loom after record 2020 undersupply – WPIC * Platinum prices likely to reach $1,300/oz over 12 months – UBS (Updates prices) By Shreyansi Singh March 10 (Reuters) – Gold eased on Wednesday after registering its biggest jump in two months in the last session, as higher U.S. Treasury yields and a stronger dollar remained a stumbling block for bullion. Spot gold was down 0.2% at $1,711.21 per ounce by 1207 GMT after rising more than 2% on Tuesday. U.S. gold futures fell 0.5% to $1,709.20. U.S. yields regained momentum on Wednesday, raising the opportunity cost of holding bullion, while the dollar also gained. “Gold prices are likely to remain under pressure, while concerns about inflation are front of mind for the market,” said CMC Markets UK’s chief market analyst, Michael Hewson, adding a stronger dollar could be a further drag on bullion prices over the next few days.
Category: Market News
Gold Price Analysis: XAU/USD attempts to stabilize ahead of the $1670 June low – Commerzbank
Gold is attempting to stabilize at the 2019-2021 uptrend at $1667 but the yellow metal needs to do more work to negate the downside pressure, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
See – Gold Price Analysis: XAU/USD to near the confluence support zone at $1,660-$1,670 – DBS Bank
Key quotes
“The market has sold off towards the $1670 June low and the $1667 2019-2021 uptrend. This is currently holding the downside.”
“Initial resistance is offered by the $1760/$1772 band, which is the May high and previous 50% retracement and the short-term downtrend in order to alleviate downside pressure and signal recovery to the 200-day ma at $1861.”
READ MORE
Silver Price Analysis: XAG/USD bears can ignore latest bounce to 100-day SMA
- Silver struggles to keep week-start gap-up but snaps three-day losing streak.
- Bearish MACD, downbeat RSI joins sustained break of yearly support line, now resistance, to favor silver sellers.
- Yearly low, 200-day SMA will be a tough nut to crack for bears.
Silver prices waver around $25.40, fading the initial run-up to $25.56, during Monday’s Asian session. In doing so, the white metal confronts 100-day SMA while also keeping the last week’s break of an ascending trend line from March 2020.
Given the bearish MACD and descending RSI line join the previous week’s downside break of the key support line and 100-day SMA, silver prices are likely to remain depressed.
However, fresh selling can wait until the bears conquer January 27 low near $24.70 as it triggered the commodity’s bounce during Friday.
Also acting as the strong downside barrier is a confluence of 200-day SMA and the yearly low near $24.20.
Meanwhile, a daily closing beyond the 100-day SMA level of $25.45 will need to cross the previous support line, at $25.80 now, to recall the silver buyers.
Following that, lows marked during late February around $26.20 should test the bulls targeting the monthly top beyond $27.00.
READ MORE
Gold Price Outlook Remains Mired by Broader Recovery in US Yields
GOLD TALKING POINTS
The price of gold attempts to retrace the decline from the beginning of March as the US 10-Year Treasury yield pulls back from a fresh yearly high (1.62%), but key market themes may keep the precious mental under pressure as the Federal Reserve appears to be in no rush to alter the path for monetary policy.
FUNDAMENTAL FORECAST FOR GOLD: BEARISH
The price of gold bounces back from a fresh weekly low ($1688) as the initial reaction to the 379K rise in US Non-Farm Payrolls (NFP) dissipates, and the recent weakness in longer-dated Treasury yields may lead to a larger rebound in the precious metal even as the Federal Open Market Committee (FOMC) maintains a dovish forward guidance.
READ MORE
Silver Price Analysis: XAG/USD set to refresh yearly low, $25.00 tests the bears
Silver prices remain heavy near late January lows, currently down 0.23% around $25.30, during Friday’s Asian session. The white metal dropped the fresh bottom in multiple days after breaking an ascending trend line from November 30 the previous day.
The bearish bias also gains support from the metal’s failure to recover from recent lows while staying below 100-day SMA amid bearish MACD.
Hence, silver sellers are en route 200-day SMA level of $24.15. Though, 61.8% Fibonacci retracement of November 2020 to February 2021 upside, at $25.00, offers immediate support to the quote.