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Gold prices currently lack meaningful beliefs and volatility is elsewhere

Gold Price (XAU / USD), Charts, and Analysis

  • gold Traders are watching from bystanders as other risk assets dominate the transaction.
  • The “encouragement” news about Omicron poses a risk to the buyer.
  • Retailers are increasing their net short positions.

According to Dr. Anthony Fauci, White House Chief Medical Advice, the latest data on Omicron suggests that it is not as dangerous as the Deltacovid-19 variant. According to Dr. Fauci, more data is needed to validate this view, but preliminary data is “encouraging.” This news has led to increased interest in risk assets over the past two days, as risk markets are once again fully focused on covid data, and today’s pricing behavior is particularly strong. The global index is on the rise, but the VIX fear index has fallen sharply from its 10-month high last Friday.

oil Brent crude has risen by more than 2% in previous sessions, adding to the 5% rise on Monday, and prices continue to fluctuate. Bitcoin It has recovered about 60% of the weekend plunge and is trading above $ 51,000.

Brent Crude 4-Hour Chart – December 7, 2021

Gold prices currently lack meaningful beliefs and volatility is elsewhere

Bitcoin 4-Hour Chart – December 7, 2021

Gold prices currently lack meaningful beliefs and volatility is elsewhere

Use to keep all data releases and events that drive the market up to date DailyFX calendar

While volatility in these and various other markets continues to attract the attention of traders, gold has recently been quiet with limited price behavior in recent days. This is unlikely to change until the weekend when the latest US inflation rate is announced at 13:30 GMT. These are expected to indicate that inflation has risen further, surpassing last month’s 30-year high of 6.2%.

Gold prices currently lack meaningful beliefs and volatility is elsewhere

The 4-hour gold chart shows that there have been no recent price fluctuations as prices have stagnated between the 20th and 50th simple moving averages since the end of Friday. 50% if this short-term support breaks Fibonacci retracement level It is located at $ 1,763.5 / oz. And then come back to the field again. Below is $ 1,722 / oz. Higher pushes should run out of steam between $ 1,809 / oz. And $ 1,815.5 / oz.

Gold (XAU / USD) Price per day December 7, 2021

Gold prices currently lack meaningful beliefs and volatility is elsewhere

Retailer data show 79.44% of traders are net long and the ratio of long to short traders is 3.86 to 1. Netlong traders are 2.37% more than yesterday and 3.87% less than last week. The number of net short traders is 8.39% higher than yesterday and 23.75% higher than last week.

We usually disagree with the sentiment of the crowd, and the fact that traders are netlong suggests that gold prices may continue to fall. Still, traders have less net longs than yesterday, compared to last week. Recent changes in emotions Despite traders remaining netlong, current gold price trends could quickly reverse.

What is your view gold – Bullish or bearish ?? Please let us know via the form at the end of this work or contact the author on Twitter. @ nickcawley1..



Gold prices currently lack meaningful beliefs and volatility is elsewhere

Source link Gold prices currently lack meaningful beliefs and volatility is elsewhere

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