Gold eased early Tuesday following the sharp slide that took prices again near its lowest level in four weeks amid growing uncertainty about the Federal Reserve's stimulus outlook.
The sell-off in gold markets reignited amid further signs from the Fed that the tapering of the bond-purchase program would begin sooner than later. Gold fell more than 1% yesterday as weak physical buying pushed traders to ride the sell off wave again after three days of gains, while early gains in stocks diverted investment appeal from gold.
Spot Gold was down 0.19% at $1,272.90 an ounce as of 02:26 ET, compared with yesterday close at $1,275.44. The day's range is so far between $1,270.98 and $1,276.16.
Caution over the Fed's stimulus outlook as well as comments from policymakers also weighed on sentiment. Charles Plosser, Philadelphia Fed President, called for capping the Bank's quantitative easing program, while William Dudley, New York Fed President, was "hopeful" on economic recovery, both adding to signs the Fed is getting close to reducing the pace of its monthly purchases.
Gold is expected to resume the bearish bias, after retesting the resistance of the bear channel shown on the four-hour chart and settling below the horizontal support level at $1278.00, which turns now to a key intraday resistance for price, and may force for further downside pressure for today.
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Gold Steadies Near 4-Week Low On Stimulus Concerns
Published 11/19/2013, 04:42 AM
Updated 07/09/2023, 06:31 AM
Gold Steadies Near 4-Week Low On Stimulus Concerns
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