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Analytics, News, and Forecasts for CFD Markets: raw news — 08-09-2021.
FXStreet notes that gold remains capped at its July/August highs at $1832/34, and strategists at Credit Suisse suggest that only above here would see a small base to open the path towards the $1871 mark.
“Gold strength has stalled at the July and August highs at $1832/34. Only a break above here would be seen to complete an in-range base to clear the way for a deeper recovery to $1871, then $1917.”
“Only below $1671 though would mark a major top to mark an important change of trend lower with support then seen at $1620/15 initially, then $1565/60."
FXStreet reports that strategists at ANZ Bank reiterate their positive stance on gold over the next three months, as record-low U.S. real-yield, delay in tapering, expensive equity valuation and prospects of weaker U.S. dollar still suggest the XAU/USD to grind higher towards $1,900/oz.
“Record low yields are again turning in favour of non-yielding gold investment.”
“Weakness should continue to be a key support for investor demand.”
“Physical demand in India and China is set to improve ahead of festive season.”
“Waning likelihood of monetary tightening looks supportive in the near-term.”
| Raw materials | Closed | Change, % |
|---|---|---|
| Brent | 71.81 | -0.83 |
| Silver | 24.285 | -1.53 |
| Gold | 1793.738 | -1.63 |
| Palladium | 2366.96 | -1.56 |
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