Gold futures dipped as central banks flipped to net sellers | Metals Mine

  • Gold futures dipped as central banks flipped to net sellers

    From youtube.com/cmegroup

    Bob Iaccino analyzes the recent price action in June Gold futures, noting that despite finishing lower for a second consecutive session, the metal is stabilizing above the crucial 4,800 level and its 50-day moving average at 4,795.10. A major fundamental shift is occurring as central banks, which have been structural buyers for three years, are now becoming net sellers to defend their currencies against a firmer U.S. dollar and rising energy costs. Additionally, the U.S. dollar bounced off a six-week low, further pressuring bullion. Geopolitical risks remain with the Strait of Hormuz blockade, but traders utilizing ...
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