GOLD : Prediction of gold in Europe and America
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Open interest in gold futures markets extended the uptrend for another session on Tuesday, this time by around 3.4K contracts according to preliminary data from CME Group. At the same time, volume increased by nearly 45,000 contracts after two consecutive daily declines.
Gold prices extended the pessimism in the first half of the week amid increased open interest and volume. On the contrary, the precious metal looks poised to extend its decline in the near term and with the immediate target of the June low of 11893/TROY ounce.F
Gold prices extended the pessimism in the first half of the week amid increased open interest and volume. On the contrary, the precious metal looks poised to extend its decline in the near term and with the immediate target of the June low of 11893/TROY ounce.F
Nota
Gold prices are trading at a five-month low, under selling pressure even as the New York Federal Reserve reported a sharp drop in activity in the region's manufacturing sector.My data points for the day showed a 0.7 percent increase in retail sales for July compared to June, which was a surprise and well above market expectations. The report is a hawk on US monetary policy and is key US data ahead of next week's annual Fed symposium in Jackson Hole, Wyoming.
In the long term, the USD is said to be difficult to escape from the downward trend due to the Fed's monetary policy reversal and the decline in the payment power of the greenback when many major countries, including China and Russia, are being excluded. decim dollars out of transactions.
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