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Gold stays within a tentative descending channel

Gold recouped a small portion of its losses last week to close slightly positive after finding support at 1,445 and near the bottom of a tentative descending channel.

 

What needs Gold for more upside?  

A low interest rate accommodative central bank policy has been supporting gold as investors seeking alpha have bought into the commodity. Furthermore, on top of this, the safe-haven demand for Gold has driven prices higher as ETF’s gold holdings reached record levels and central banks bought record levels of gold this year. Gold is shining. What will keep that shine going? The same thing that has started it.

 

 

Gold slides to 3-day low, around $1460 region

The precious metal extended last week’s late pullback from the $1474-75 supply zone and witnessed some follow-through selling at the start of a new trading week. The incoming positive trade-related headlines continued denting demand for traditional safe-haven assets and turned out to be one of the key factors weighing on gold.