Gold descends toward the $1800 level
Standard Chartered sees gold as ‘closing in on oversold territory’
(USAGOLD – 2/28/2023) – Gold descended toward the $1800 level in today’s early going as it looks to close out what’s been a bleak, unforgiving month. It is down $8 at $1811.50. Silver is down 8¢ at $20.62. The selling began in early February when gold ran into technical resistance at $1960 and gathered momentum as investors added worry about a more hawkish Fed to the mix. As a result, gold is down a little over 6% on the month; silver – always the more volatile of the two primary precious metals – is down 13%.
Standard Chartered’s Suki Cooper sees gold as “closing in on oversold territory” and puts the next support level at $1788. ETF outflows, she says in a client note cited by Kitco News, have been one of the culprits in gold’s retreat with a reduction of 20 metric tonnes thus far in February, “and 11 tonnes materializing in the last four sessions.”
Chart courtesy of GoldChartsRUs
