Gold price extends rally as Treasury yields retreat continues. gold inflation
Short-covering triggered the metal to break through technical levels, which in turn sparked more short-covering, Wong added.
“Gold prices remain in a strengthening downtrend,” warned TD Securities commodity strategists led by Bart Melek. “The risk of capitulation remains prevalent for the yellow metal moving into October, with strong data continuing to point to a more aggressive Fed rate path ahead.” Investors continue to abandon gold at pace, with hedge funds trading on the Comex hiking their short bets for the seventh week running as of Tuesday. Exchange-traded funds have seen outflows for 16 straight weeks, according to an initial tally byThere are still a plethora of risks for financial markets, including concerns about Credit Suisse Group AG, helping support prices.
“Gold holds above Friday’s low at $1,660, supported by geopolitical and financial risks and a cooling of the recent dollar and yield surge,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S. “The price needs to break the critical resistance zone into $1,678-$1,690 that is the departure point for this latest bear-market move.”
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