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Abstract：Investors better pay attention to changes of future tradings as gold prices are still under the risk of selloff after its slump on Wednesday.
WikiFX News (21 Aug)- Investors better pay attention to changes of future tradings as gold prices are still under the risk of selloff after its slump on Wednesday.
According to gold prices weekly chart, the RSI has broken below the overbought zone, which points to the strengthening downside momentum and highlights the risk for a deeper pullback while below 2033/35.
IG Client Sentiment Report shows traders still hold gold bullish with the long-short ratio stands at 3.63:1 (78.40% of traders are long). Long positions are 2.48% higher than yesterday and 11.62% higher than last week, while short positions are 4.76% lower than yesterday and 1.74% higher than last week.
As crowd sentiment is often viewed in a contrarian manner, the fact that traders are net-long suggests gold prices may continue to fall. Considering more traders are net-long than yesterday and last week, such downtrend is even more possible.
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(Gold prices weekly chart)
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
For the past few years, gold has been riding a seemingly never-ending trend, and recently silver has decided to join the race, and both of these assets made headlines across the world because of how well they were performing.
Malaysia’s retail gold prices have hit record highs, with 999 fine gold reaching RM700 per gram and 916 gold rising to RM650, driven by surging global gold prices, geopolitical tensions, and growing expectations of further US interest rate cuts.
Gold has made yet another all-time high, but this time, nobody is talking about it.
The spectacular year-end rally in precious metals hit a wall on Monday, as gold and silver prices collapsed from fresh all-time highs. Traders aggressively booked profits in a market thinning out for the holidays, amplifying volatility and triggering a sharp technical correction.
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