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Gold Prices Extended Losses on Monday

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Gold prices extended losses on Monday, after their worst week in five months, on lingering risk appetite, while the Sino-U.S. trade relationship hinted at potential improvement. Gold fell 4.5% last week, its biggest weekly decline since March. U.S. gold futures eased 0.3% to $1,943.50 per ounce. A lift in U.S. bond yields gave the dollar some respite after weeks of losses. Asian markets were flat near recent highs; while stock index futures indicated that U.S. equities will make moderate gains on Monday ahead of retail earnings. U.S. retail sales increased less than expected in July, and could slow even further in the coming months. Speculators reduced their bullish positions in COMEX go and silver contracts in the week to Aug. 11, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.30% to 1,248.29 tonnes on Friday. Silver slipped 0.6% to $26.25 per ounce.

TREND : WEAK BULLISH / SIDEWAYS

Time                                      :           17/07/2020

Pivot                                      :           1940.28

Technical View                     :             LONG ABOVE 1946.07

Target                                   :            1951.87, 1962.37, 1973.46

Technical View                     :             SHORT BELOW 1935.08

Target                                   :            41.99, 41.89, 41.75, 41.61

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