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Speculators decreased theirs net long position in COMEX’s gold 1,461 contracts from 148,266 contracts on March, 8 that is the highest for 13 months to 146,805 on March, 15 according to CFTC’s last report.
FXStreet’s Analyst said, Gold prices failed to sustain above 10-DMA and fell below hourly 100-MA level of 1247.84 levels despite drop in the US treasury yields.
Prices printed a session low of $1240/Oz in early Europe and now continue to trade around $1242levels. The bearish move contradicts a three basis points drop seen in the 2-year treasury yield. The10-yr treasury yield also dropped almost three basis points.
Still, the metal edged lower after it failed to remain above 10-DMA level of $1252.50. Ahead in the day, the metal remains at the mercy of the overall market sentiment.
The immediate hurdle is noted at $1263 (monthly 100-MA), above which metal could test offers around $1283 (Mar 11 high). On the other hand, a break below $1236.93 (Mar 10 low) would expose $1227 (23.6% of Dec low-Mar high).
Blackwell Global Investments said, Moving ahead, gold market will be waiting for Core Durable Goods Orders and US Final GDP results this week to confirm any optimism about the US economy. While GDP is expected to come out as 1% q/q, the predicted 0.2% decrease in Core Durable Goods Orders may keep scepticism about the US economic recovery alive. While a degree of uncertainty about the US is present, Gold is likely to range until the results are confirmed which could lead to a slow week for the commodity”
Reference : CFTC, FXStreet, Reuters
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