Gold prices persisted under pressure, staying in the red beneath late April multi-week highs throughout Tuesday’s Asian trading session. What changed The market saw little follow-through selling, which furthered the metal’s persistent bearish undertone. Despite some up-and-down movement, gold has not really proven any bearish conviction, suggesting mixed sentiment among the market.
As Asian markets opened, one thing immediately standing out to traders was simply the fact that gold prices failed to fully retrace in recent highs. This absence of follow-through selling points to a type of investor that is tentative and unwilling to make big bets—in either direction. This kind of hesitancy has, and continues to, allow for gold’s negative bias to hold tight, considering traders continued to lack conviction.
Market analysts have been watching gold prices drop under pressure lately. The absence of heavy-handed selling indicates that buyers are not finished with the market. This would produce a futureable upside if demand were to come roaring back. Yet the mood is still hesitant, as traders are waiting for more definitive signals on which way the market will go.
“Gold price keeps the red below multi-week high; lacks follow-through selling.” – www.fxstreet.com
Today, indeed the entire market environment is filled with mixed signals. Inventors are considering hard and soft economic data and geopolitical events that might affect gold’s direction. As they walk this tightrope, their foot is firmly on the break, wary of the precipice ahead.