Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
28 Apr 2020

Gold holds steady above $1700 mark, lacks follow-through amid upbeat market mood

  • Some aggressive USD selling helped revive demand for the dollar-denominated commodity.
  • A strong rally in the global equity markets kept a lid on any runaway rally for the metal.
  • The set-up warrants some caution before positioning for any further appreciating move.

Gold struggled to capitalize on its goodish intraday bounce from four-day lows and was last seen trading in the neutral territory, around the $1710 region.

The US dollar failed to sustain its early positive move, instead met with some aggressive supply and turned out to be one of the key factors that helped revive demand for the dollar-denominated commodity.

This coupled with a mildly weaker tone surrounding the US Treasury bond yields extended some additional support to the non-yielding yellow metal, albeit a strong rally in the equity markets capped the upside.

The global risk sentiment remained well supported by the latest optimism over the easing of coronavirus-related restrictions globally and a push to accelerate the gradual re-opening of the economies.

The risk-on flow seemed to be the only factor holding investors from placing any aggressive bullish bets and kept a lid on any runaway rally for the safe-haven precious metal, at least for the time being.

Hence, it will be prudent to wait for some strong follow-through buying before traders start positioning for any further near-term appreciating move for the commodity, possibly towards the $1736-38 heavy supply zone.

In the meantime, market participants will look forward to the release of the Conference Board's US Consumer Confidence Index, which might influence the USD price dynamics and provide some trading impetus.

Technical levels to watch

Apr 28, 2020

Stabilisation and mild strength across CEE – Danske Bank

Danske Bank view of stabilisation and mild strength across CEE in RUB, PLN, CZK and marginally HUF appears to be playing out. Key quotes “EUR/PLN to s
Read more Previous
Apr 28, 2020

US Treasury Sec. Mnuchin: Big bounceback in economy expected by August and September

US Treasury Secretary Steven Mnuchin said on Tuesday that demand is expected to moe back as states reopen and noted that a big "bounceback" in the eco
Read more Next