Gold Prices May Find a Lifeline as Market Mood Darkens

If the sour mood persists, a downtick in bond yields may boost gold’s relative appeal and offer prices a lifeline.

The absence of a strong lead from the day’s offering of Fed commentary allowed gold prices a bit of time to consolidate after dropping to the lowest level in a month. Of the three speeches on tap, cautious remarks from Dallas Fed President Robert Kaplan seemed to be the most noteworthy. The markets seemed to shrug them off however, possibly because investors’ own baseline views are more dovish still already.

From here, a lull in top-tier economic data and an empty Fed-speak schedule leave the yellow metal without obvious catalysts. Sentiment trends may fill the void. Shares weakened in Asia and futures tracking the S&P 500 – a benchmark for market-wide risk appetite – are pointing lower to hint at more of the same ahead. If the sour mood persists, a downtick in bond yields may boost gold’s relative appeal and offer prices a lifeline.

GOLD TECHNICAL ANALYSISGold prices paused to digest losses at support in the 1241.20-45.59 area (inflection point, 61.8% Fibonacci retracement). Breaking this barrier on a daily closing basis exposes the 76.4% level at 1233.67, followed by a rising trend line at 1229.05. Alternatively, a rebound above the 50% Fib at 1255.23 targets the 38.2% retracement at 1264.87.

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