Technical Analysis:
Gold is currently sideways it and might stay in 2500-2525 range for now. We say yesterday price sweeping liquidity of previous day low and closing above 2510, which indicated that price either might be bullish or sideways until news.
Fundamentals:
Comex gold futures are likely consolidating sideways above support at $2,500/oz, based on daily chart, says Joseph Chai, analyst at RHB Retail Research, in a research report. Futures closed at $2,547.50/oz on Wednesday, posting a "long lower shadow" bearish candlestick, the analyst notes. Latest bearish price movement, together with relative strength index rounding downward, suggest bullish momentum is taking a longer pause, the analyst says. Following this consolidation, however, futures could resume uptrend to test resistance at $2,600/oz, the analyst says. During this consolidation phase, RHB Retail Research retains a positive trading bias for the precious metal. Spot gold is down 0.2% at $2,507.15/oz.
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