Gold futures try to bounce back from consecutive declines
Gold futures edged higher on Tuesday after consecutive declines as investors assess demand for the yellow metal as concerns over the spread of the delta variant of the coronavirus which is causing COVID-19 turmoil in markets financial.
August or GC00,
roe $ 15.60, or 0.9%, at $ 1,824.80 an ounce on Comex. July Silver SIU21,
was up 2.6 cents, or 0.1%, to $ 25.17 an ounce.
Gold fell slightly on Tuesday despite a sharp drop in equity markets and a flight to safety that accelerated the decline in US Treasury yields, sending the 10-year note TMUBMUSD10Y,
at its lowest since mid-February. The 10-year yield fell further on Tuesday after a series of mixed data on US real estate.
“Gold was stable despite the stock market sell-off yesterday, with the price continuing its slow dance above $ 1,800,” Pierre Veyre, technical analyst at ActivTrades, said in a note.
“However, the technical setup is not reassuring for investors as the market recently broke off its short-term bullish trendline following a 50% bullish retracement of the last bearish impulse in the $ 1,900 area.” , did he declare.
The near-term outlook for gold remains bearish as long as the price does not break above $ 1,820 an ounce, Veyret said, with $ 1,794 and $ 1,782 the next areas of support.