{"id":10043,"date":"2023-05-17T15:36:14","date_gmt":"2023-05-17T19:36:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-stays-below-2000-but-off-critical-low-that-suggests-bear-moment\/"},"modified":"2023-05-17T15:36:15","modified_gmt":"2023-05-17T19:36:15","slug":"gold-stays-below-2000-but-off-critical-low-that-suggests-bear-moment","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10043","title":{"rendered":"Gold stays below $2,000, but off critical low that suggests bear moment"},"content":{"rendered":"
\n

Investing.com — The gold bull is still intact \u2014 somewhat.<\/p>\n

Both gold futures and the spot price of bullion remained below the key $2,000 an ounce mark on Wednesday as the Biden administration expressed optimism that the White House might have a deal by the weekend from its negotiations with rival Republicans in Congress. Gold is viewed as a hedge against economic and political troubles.<\/p>\n

The and the yield on the were up too, pressuring gold further.<\/p>\n

Despite the negative sentiment prevailing over gold for a second day after its first tumble below $2,000 in two weeks, the yellow metal steered clear of breaking the $1,975 support which technical analysts said would be critical for restoring its upside momentum.<\/p>\n

\u201cIf it gets below $1,975, the way would be open for $1,965 and $1,942 even,\u201d said Sunil Kumar Dixit, chief technical strategist at SKCharting.com. \u201cSo long as it stays above that level, there\u2019s a chance of it returning to $2,000 in the not-too-distant future.\u201d<\/p>\n

on New York\u2019s Comex settled at $1,984.90 an ounce, down $8.10 or 0.5%, after a session low at $1,978.35. On Tuesday, June gold fell $29.70, or 1.5%. The benchmark gold futures contract hit an all-time high of $2,085.40 on May 4.<\/p>\n

The , which reflects physical trades in bullion and is more closely followed than futures by some traders, was at $1,983.49 by 13:40 ET (17:40 GMT), down $5.46, or 0.3%. Spot gold hit a record high of $2,073.29 earlier this month, according to Investing.com data.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — The gold bull is still intact \u2014 somewhat. Both gold futures and the spot price of bullion remained below the key $2,000 an ounce mark on Wednesday as the Biden administration expressed optimism that the White House might have a deal by the weekend from its negotiations with rival Republicans in Congress. Gold […]<\/p>\n","protected":false},"author":1,"featured_media":1749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-10043","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold stays below $2,000, but off critical low that suggests bear moment | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- The gold bull is still intact \u2014 somewhat. 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