Gold $1780 Support Breakdown Risk
A drop in gold prices below $1780 would trigger further selling pressure.
Too little corroboration in the last 3 days to call a trend (19 articles). Watching for it to gain traction.
Mainstream financial press is carrying this — attention has broadened beyond specialist outlets.
"Commodity markets show mixed performance with crude oil gaining ground while precious metals face selling pressure."
"Gold extended its decline to test support around USD 4,300 on profit booking and tentative selling as oil prices recover."
"Gold trades lower for a second day as profit-taking sets in following a strong run of gains, with tame U.S. inflation data and reduced expectations for further rate hikes largely priced in for now."
"Gold prices fell on Friday as investors locked in profits after non-yielding bullion climbed to an over two-month high in the previous session."
"Gold prices fell 3.88 per cent in July to USD 4,073.92 per troy ounce from USD 4,238.32 in June, following a 10.28 per cent month-on-month decline in June."
"After July CPI came in as per expectations, gold and silver prices shot up. But the relief was short-lived, as the decks are not clear yet. Gold fell below $4,400 an ounce on Thursday after hitting a ten-week high earlier, as investors remained cautious before upcoming US producer inflation data. Gold also faced pressure due to high oil prices and limited hopes for a deal to reopen the Strait of Hormuz."
"Gold Futures 4,385.60 -14.10 -0.32% ... while gold faces some selling pressure."
"In commodity news, oil traded down 6.3% to $79.31 while gold traded down 0.3% at $4,096.40."
"Gold prices fall Rs3,700 per tola after two-day rally... reversing gains recorded over the previous two sessions as international bullion rates moved lower."
"Market participants attributed Friday's weakness to profit booking after Thursday's rally, even as geopolitical risks continued to underpin safe-haven demand."