Trade ideas – Intraday bearish on Gold

Posted: 9th July 2019

Trade ideas – Intraday bearish idea on Gold

Our intraday trade ideas highlight Gold as bearish, which goes against our medium term view and we are looking to sell into a small rally this morning.

 

 

Market highlights

Commodities

Oil prices were boosted by Middle East uncertainty and fresh concerns over Iran’s nuclear programme. During Monday, Tehran threatened to restart de-commissioned centrifuges to boost uranium enrichment.

Crude was, however, hampered by a firm US dollar and uncertainties over demand conditions.

WTI briefly moved above the $58.00 level although it failed to sustain the gains and dipped back below $57.50. WTI settled close to $57.50 with Brent trading just above $64.00.

Gold was hampered by the firm dollar tone and increase in US bond yields with a dip back below the $1,400 per ounce level. Gold was unable to make headway on Tuesday and traded around $1,395 per ounce in early Europe as the dollar held firm. $1400 is proving to be pivotal over the short term.

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