Bank of America just raised its EUR/USD forecast
* Speculators cut net longs in COMEX gold
* Gold targeting a $1,483-$1,503/oz range - techs
* SPDR Gold holdings slip 0.1% on Friday
(Updates prices)
By Harshith Aranya
Aug 19 (Reuters) - Gold prices slipped on Monday due to a
stronger U.S. dollar and a recovery in equities, as hints of
more stimulus from major central banks around the world eased
concerns about a recession.
Spot gold XAU= was down 0.5% at $1,505.98 per ounce at
0759 GMT.
U.S. gold futures GCcv1 also fell 0.5% to $1,516.80 an
ounce.
"The dollar is getting stronger, and given that gold had a
very good rally over the last few weeks, we are just seeing some
profit-taking coming in," said OANDA analyst Jeffrey Halley,
adding that the recovery in equities is somewhat fragile and
gold looks constructive.
The dollar index .DXY , against a basket of six major
currencies, hovered near a two-week high reached on Friday,
making greenback-denominated gold costlier for investors holding
other currencies. USD/
The 10-year U.S. Treasury yield US10YT=RR pulled away from
a three-year trough hit last week. US/
Asian stocks on Monday tracked a rally on Wall Street, with
support from a move by China's central bank to change the way a
key interest rate benchmark is set, which is seen reducing
borrowing costs for companies. MKTS/GLOB
Spot gold has gained 19% so far since falling to the year's
low of $1,265.85 in May.
"There is still plenty of interest to buy gold on any dips
as a hedge against uncertainty in the global economy," Halley
said.
U.S. President Donald Trump said on Sunday he was "not ready
to make a (trade) deal yet" with China, hinting that the White
House would like to see Beijing resolve ongoing protests in Hong
Kong first. Investors are now awaiting the U.S. Federal Reserve's
Jackson Hole symposium this week to get greater clarity on the
future path of interest rates. Traders see about a 71% chance of
a 25 basis-point cut in September. FEDWATCH
"The precious metal though easing up on bullish gains from
U.S. dollar vigour will remain supported over subdued global
growth and accommodative monetary policy by global central
banks," Phillip Futures analyst Benjamin Lu said in a note.
Spot gold still targets a range of $1,483-$1,503 per ounce,
as suggested by its wave pattern and a retracement analysis,
said Reuters technical analyst Wang Tao.
SPDR Gold Trust GLD , the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.10% to 843.41
tonnes on Friday. GOL/ETF
Hedge funds and money managers trimmed their bullish stance
in COMEX gold and cut net long positions in silver contracts in
the week to Aug. 13, the U.S. Commodity Futures Trading
Commission (CFTC) said on Friday. Meanwhile, silver XAG= eased 0.6% to $16.98 per ounce.
Platinum XPT= rose 0.5% to $848.83 an ounce, and palladium
XPD= gained 0.6% to $1,456.25 an ounce.
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