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Gold Updates by "Solid ECN"
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[QUOTE="Solid ECN, post: 206720, member: 83167"] [HEADING=1][JUSTIFY]Central banks continue selling gold[/JUSTIFY][/HEADING] [HR][/HR] [ATTACH type="full"]20974[/ATTACH] [JUSTIFY] Yesterday, the World Gold Council (WGC) provided a preliminary report on the market state. The organization noted that in the first quarter of 2022, there was a trend for the sale of physical gold from the reserves of central banks, and this is the first period since 2020 when such a trend has been recorded. Most actively in February, metal was sold by such countries as Uzbekistan and Kazakhstan. In particular, Uzbekistan reduced its reserves by 22 tons, and Kazakhstan – by 21 tons, and for it gold reserves became the lowest since 2020. Among the bullion buyers during this period, only India and Ireland were noted, which replenished their stocks by a modest 2.6 tons and 1 ton, respectively. The US Commodity Futures Trading Commission (CFTC) data confirm the global sell-off trend. According to the report for the last week, the number of positions of buyers secured by money amounted to 84.554K, while the same figure for sellers reached 335.029K. At the same time, the weekly change in positions indicated an increase in sellers' contracts by 772 and a decrease by 5.858K contracts among buyers. [/JUSTIFY] [ATTACH type="full"]20975[/ATTACH] [JUSTIFY][B]The price is correcting within the local Triangle pattern on the daily chart. Technical indicators maintain a weakened buy signal: fast EMAs on the Alligator indicator have come close to the signal line, and the AO oscillator histogram has moved into the sell zone, having formed the first bars below the transition level. Resistance levels[/B]: 1957, 2050 | [B]Support levels[/B]: 1900, 1830[/JUSTIFY] [/QUOTE]
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