Gold has been virtually unable to recover from its setback. Economists at Commerzbank expect the yellow metal to struggle for the time being.Previously very optimistic investors more cautious
“Gold lacks the strength to match the correction. The extent to which speculative investors are to blame for this, having previously topped up their net long positions noticeably, remains to be seen.”
“The CFTC has still not published any data following the cyberattack. However, we have pointed out repeatedly that there is a lack of support from ETF investors with a more long-term investment horizon. This would probably require more clarity about the future course of US monetary policy.”
EUR/USD tries to stabilize near 1.0700 after US data
EUR/USD continues to trade in negative territory at around 1.0700 in the second half of the day on Friday. The data from the US showed an improvement in consumer confidence in early February alongside a slight increase in one-year inflation expectation, helping the USD hold its ground.
GBP/USD fluctuates near 1.2100, looks to post small weekly gains
GBP/USD has lost its bullish momentum and turned negative on the day near 1.2100 with the upbeat US Consumer Confidence data supporting the US Dollar. Despite Friday’s uninspiring action, the pair remains on track to end the week marginally higher.
Gold price clings to small daily gains near $1,860
Although Gold price is struggling to gather recovery momentum, it stays afloat slightly above $1,860 heading into the weekend. The benchmark 10-year US Treasury bond yield is up more than 1% on the day above 3.7%, not allowing XAU/USD to gain traction.
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