Gold Price Consolidates Biggest Daily Losses

Gold price (gold spo euro) grinds around intraday high, up 0.17% on a day near €1,588 ahead of today’s European session. In doing so, the metal prices in Euro pare the previous day’s losses, the heaviest since November 30, amid mixed sentiment.

Gold Price Consolidates Biggest Daily Losses

Market’s positioning during the year-end quiet session joins a light calendar to trigger the metal’s latest rebound. Also favoring the corrective pullback could be the hopes of US stimulus and chatters that the virus woes have limited life. However, the worsening Omicron conditions in the West hint at further activity restrictions and spoil the gold price holiday season, which in turn challenges the gold buyers.

On the same line is the indecision over the European Central Bank’s (ECB) stance over monetary policy tightening as various committee members differ over inflation and the urgency to consolidate policies. Against this backdrop, the US 10-year Treasury yields keep the previous day’s bounce off the 16-month-old support line near 1.43% whereas stock futures in the US and Europe print mild gains by the press time.

Moving on, risk catalysts may offer intermediate moves to the gold prices but the buyers may have little to cheer while considering the Omicron woes. That said, US President Joe Biden is up for addressing the nation. However, White House Press Secretary Jen Psaki has already mentioned that the speech, “Will not be about locking the country down.”

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God price remain inside a three-week-old rising channel bullish chart pattern, recently bouncing off 50% Fibonacci retracement (Fibo.) of the early November’s run-up. However, multiple failures to stay beyond the 200-SMA joins bearish MACD signals and a steady RSI line to keep gold sellers hopeful. That said, the immediate Fibo. the support level of €1,587 holds the key to the metal’s further downside towards the stated channel’s lower line, around €1,575 by the press time.

A clear downside break of €1,575 will reject the gold price bullish chart pattern but the 61.8% Fibonacci retracement level near €1,571 will act as an additional downside filter before highlighting the monthly low for gold sellers, around €1,555. Alternatively, recovery moves may aim for the 200-SMA level of €1,594 and then the €1,600 threshold. Though, the channel’s resistance line near €1,605 will challenge the gold buyers afterward.

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Gold Price Consolidates Biggest Daily Losses via @marketinvestor
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