GOLD prices, having recently surpassed the six-month high of $2,018 during the early Asian trading session on Monday, continue to hold firm above the $2,000 mark. The market exhibits caution as it enters a crucial week influenced by inflation data from both the United States (US) and the Eurozone.
A subdued risk tone is providing a floor for the US dollar, while the greenback benefits from the modest increase in yields on US Treasury bonds, limiting the upward potential for gold prices.
Furthermore, the market is trading cautiously, preparing for the preferred inflation measure of the Federal Reserve (Fed) - the Personal Consumption Expenditures (PCE) index - set to be released later this week.
The US PCE inflation data is expected to reinforce expectations of a Fed interest rate cut in May, while Eurozone inflation data will offer new insights into the interest rate outlook for the European Central Bank (ECB). Both pieces of data could significantly impact gold prices, which are sensitive to interest rate changes.
Meanwhile, gold traders will closely monitor the temporary ceasefire between Hamas and Israel, with intermediaries making efforts to extend the thaw in the Middle East conflict. This marks the first ceasefire agreement since the onset of the Israel-Hamas conflict last Friday.
My opinion: Trade order 11/23
GOLD SELL 2013
SL 2016 (Low volume BUY zone - Short term support test)
SELL order 2018-2020
A subdued risk tone is providing a floor for the US dollar, while the greenback benefits from the modest increase in yields on US Treasury bonds, limiting the upward potential for gold prices.
Furthermore, the market is trading cautiously, preparing for the preferred inflation measure of the Federal Reserve (Fed) - the Personal Consumption Expenditures (PCE) index - set to be released later this week.
The US PCE inflation data is expected to reinforce expectations of a Fed interest rate cut in May, while Eurozone inflation data will offer new insights into the interest rate outlook for the European Central Bank (ECB). Both pieces of data could significantly impact gold prices, which are sensitive to interest rate changes.
Meanwhile, gold traders will closely monitor the temporary ceasefire between Hamas and Israel, with intermediaries making efforts to extend the thaw in the Middle East conflict. This marks the first ceasefire agreement since the onset of the Israel-Hamas conflict last Friday.
My opinion: Trade order 11/23
GOLD SELL 2013
SL 2016 (Low volume BUY zone - Short term support test)
SELL order 2018-2020
Comment:
GOLD waiting for SELL LIMIT 2018, take profit order 50pip
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