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Gold holds a steady bid as USD weakens and risk appetite firms
The rally came after gold built a base near $4,000 for five weeks, then squeezed higher into the European close.
Gold drew fresh buying interest on Wednesday, holding a steady bid from late Asian trading through the European close. Forexlive said the lift was supported by a mix of peace hopes, USD weakening, intervention, and improved risk appetite.
Technically, gold found support around the $4,000 zone for about five weeks, creating a base before a squeeze higher later in the session, Forexlive reported. In FX, the Canadian dollar benefited, becoming the strongest performer even as most other currency moves were described as middling, with a risk-on tone.
In markets, equity futures pointed higher, but early selling showed up right after the open. Forexlive attributed the caution to a reshuffle in Google’s top AI ranks that raised concerns the company could be falling behind, and said after-hours shares of Western Digital and Sandisk were sold after earnings. On the upside, Nvidia was cited as leading the big-cap complex.
Latest closeGold $4,432.00 ▲1.6%