Gold edges up in Asia morning trade, reversing overnight declines in a possible technical rebound. In focus is a rise in Treasury yields and a stronger dollar following a U.S. credit downgrade from Fitch as well as better-than-expected jobs data. Gold "often trades as the anti-fiat instrument, inversely tracking a combination of the US Dollar and Treasury yields," Daniel Dubrovsky, contributing senior strategist at Daily FX, says in an analysis. The outlook for the precious metal seems bearish, as retail traders have responded by becoming more bullish, he says, pointing to the IG Client Sentiment gauge, a contrarian indicator. "This is a warning sign that further losses may be ahead." Spot gold adds 0.2% to $1,937.62/oz.
XAUUSD
BUY 1930 - 1932
TP1: 1936
TP2: 1940
SL: 1925
XAUUSD
BUY 1930 - 1932 TP1: 1936
TP2: 1940
SL: 1925
