Gold Prices Fall For Five Straight Days: 5 Things To Know

As it stated in Sovereign gold, however, remained unaltered at Rs 24,800 per piece of eight gram. Here are key things to know about gold and silver prices today:1. In international markets spot gold was steady at $1,243.10 an ounce in recent trade. Tracking gold, silver ready dropped by Rs 470 to Rs 40,030 per kg and weekly-based delivery by Rs 380 to Rs 39,230 per kg. Silver coins, however, maintained a steady trend at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

Gold Prices Carve Fresh Bearish Sequence After Posting July-High

Gold Talking PointsThe recent rebound in the price of gold continues to unravel, with bullion at risk for a further losses as it carves a fresh series of lower highs & lows. Gold Prices Carve Fresh Bearish Sequence After Posting July-HighThe precious metal continue to fall back from the monthly-high ($1266) after stalling at a near-term pivot, with the July-low ($1238) now on the radar as the bearish momentum appears to be gathering pace. The IG Client Sentiment Report shows 88.0% of traders are still net-long gold with the ratio of traders long to short at 7.35 to 1. Gold Daily ChartBroader outlook for gold remains tilted to the downside as both price and the Relative Strength Index (RSI) extend the bearish formations from earlier this year, and the precious metal appears to be on its way to test the monthly-low ($1238) as it carves a fresh bearish sequence. For more in-depth analysis, check out the Q3 Forecast for GoldInterested in having a broader discussion on current market themes?

XAU/USD Technical Outlook: Moment of Truth for Gold Prices

referring to Here are the levels that matter for XAU/USD heading into the close of the week.Review this week's Strategy Webinar for an in-depth breakdown of this setup and more. The levels remain unchanged for gold with our focus against key confluence support at 1236/39 heading into the close of the week. "Initial resistance stands at 1260 backed by 1266- a breach there would be needed to suggest a more significant low is in place. Avoid these Mistakes in your tradingBottom line: Gold has responded to key weekly support and the immediate focus is on the June opening range with the broader downtrend at risk near-term while above 1236. See how shifts in Gold retail positioning are impacting trend- Learn more about sentiment!

collected by :kiven Dixter