On Thursday, gold is attracting attention of the world market place as prices are again facing losses in early U.S. trading. Gold has been sinking for the past week.
June gold futures on Wednesday decreased and near under important psychological support at $1,400.00 an ounce. Weak extended liquidation and additional technical short selling in the gold futures market are featured Thursday morning. Comex June gold last trade decreased by $22.00 at $1,374.00 an ounce. Spot gold was last quoted a decline by $16.80 at $1,376.25.
Physical gold demand has been poor in Asia that is also a bearish weight on gold recently.
U.S. government filings show well-known investor George Soros and the BlackRock fund have cut their holdings in gold exchange traded funds said by reports on Thursday. Repeated the exodus of investor monies from gold ETFs the past few months, a World Gold Council report on Thursday said.
U.S. economic data that will be out on Thursday consist of the weekly jobless claims report, new residential construction, real earnings, the consumer price index and the Philadelphia Fed business survey.
The London previous P.M. fixing of $1,410.00 and today’s A.M. gold fixing is $1,377.00.
The bears still have technical advantages of gold in June, as of the bulls are having an upside technical momentum. On the daily chart gold prices is in a 7-month-old downtrend. The bulls coming upside near-term prices above solid technical resistance is at $1,450.00. As for the bears downside prices under solid technical support is at the April low of $1,321.50. First resistance was sighted overnight at $1,385.00 and then at Friday $1,400.00, while the first support was sighted at the overnight low of $1,368.00 and then at $1,350.00.