Watch the new movie Golden Now


 Gold price (XAU/USD) retreats from a fresh record high touched earlier this Thursday, albeit manages to hold its neck above the $2,200 mark heading into the European session.

From a technical perspective, the overnight strong positive move confirmed a breakout through a

 bullish flag chart pattern and validated the positive outlook for the Gold price. That said, the Relative

 Strength Index (RSI) has moved back above the 70 mark, making it prudent to wait for some near-term

 consolidation or a modest pullback before traders start positioning for any further appreciating move.

 Nevertheless, the broader setup supports prospects for an extension of the recent well-established

 strong uptrend witnessed over the past month or so.

Meanwhile, any meaningful corrective decline below the $2,200-2,190 region is likely to attract fresh

 buyers and remain limited near the $2,160-2,158 horizontal zone. This is followed by the weekly swing

 low, around the $2,146 area, which, if broken decisively, might prompt some technical selling and drag

 the Gold price further towards the next relevant support near the $2,128-2,127 zone. The XAU/USD

 could decline further, eventually dropping to the $2,100 round figure.
Gold price (XAU/USD) retreats from a fresh record high touched earlier this Thursday, albeit manages
 to hold its neck above the $2,200 mark heading into the European session. The Federal Reserve (Fed)
 on Wednesday projected a 75 basis point rate cut by end-2024, keeping the US Dollar (USD) depressed

 near a one-week trough and pushing the non-yielding yellow metal higher for the second straight day.

 That said, elevated US Treasury bond yields help limit the downside for the Greenback.

Apart from this, the prevalent risk-on environment – as depicted by an extension of the recent bullish

 run across the global equity markets – caps the upside for the safe-haven Gold price amid slightly

 overbought conditions on the daily chart. Nevertheless, the fundamental backdrop suggests that the

 path of least resistance for the XAU/USD remains to the upside, warranting some caution before

 positioning for any meaningful correctiveا fall in the near term. Traders now look to the release of flash

 PMIs for cues about the global economic health, which, in turn, might provide some impetus to the

 precious metal.

go to

تعليقات



حجم الخط
+
16
-
تباعد السطور
+
2
-