Daily Gold Market Report

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 an unforgiving month. It is down $8 at $1811.50. Silver is down 8¢ at $20.62. Gold’s month-lomg selloff began in early February when it ran into technical resistance at $1960 and gathered momentum as investors added worry about a more hawkish Fed to the mix. 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.”

composite chart showing gold ETF flows for February
Chart courtesy of GoldChartsRUs

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