Gold eyeing important support at $2600
Gold finished at $2607 (-0.54%), marking a sixth straight session of falls, as US yields and the US Dollar continued to reprice higher following the robust Non-Farm Payrolls report, which ruled out a 50bp rate cut from the #Fed in Nov.
The pullback from the $2685 high towards uptrend support at $2600 has been orderly thus far, and provided the $2600 support level holds (daily closing basis), it keeps the uptrend intact and prospects of another leg higher towards $2700.
However, with positioning heavily stacked to the long side a sustained break of $2600 would warn of a deeper pullback/position wash towards support $2550/30 area.
The pullback from the $2685 high towards uptrend support at $2600 has been orderly thus far, and provided the $2600 support level holds (daily closing basis), it keeps the uptrend intact and prospects of another leg higher towards $2700.
However, with positioning heavily stacked to the long side a sustained break of $2600 would warn of a deeper pullback/position wash towards support $2550/30 area.
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