Gold Futures Pare Gains in Directionless Trading
By
Joseph Hoppe, Dow Jones Newswires
Gold futures slip, returning gains made earlier in the session. Futures are down 0.2% at $3,293.70 a troy ounce.
The precious metal had hit an all-time record of $3,509.90/oz just five weeks prior, with technical trading indicators showing it was strongly overbought at the time, Trade Nation's David Morrison says in a note. A selloff since then has brought trading indicators back towards neutral levels.
While that means gold has the potential to rally from here, the path forward remains unclear, Morrison says. Gold could already have fulfilled its potential for new highs now, though some in the market believe the yellow metal will continue to act as a safe-haven as investors fret about high U.S. government debt levels, Morrison adds.
Latest News
- Australia retail sales slip in April as consumers stay frugal
- The Billionaire Odd Couple Whose Hedge Fund Is Killing It
- Nvidia Earnings Could Reignite Momentum in Top AI ETFs
- ‘This guy is our Einstein’: Jamie Dimon vows to support Elon Musk
- Wall Street's 'Doctor Doom' tells BI about his move into money management, where he's off to a market-beating start
- Costco’s Earnings Beat Estimates. Why the Stock Dipped.
