Today: Gold price touched 2180-2175 USD and performed well in an upward price channel on the 4-hour chart.
Looking ahead: Traders see a 71% chance the Fed will cut interest rates by June 2024. Low interest rates increase the appeal of non-yielding assets like gold.
On the new outlook for XAUUSD: From the 2h chart, the Short-Term Technical Outlook for Gold prices remains constructive with each pullback seen as a good buying opportunity for traders.
Therefore, it would not be surprising if we are quite optimistic that gold will not stop here and move towards new breakthroughs, and the resistance level of 2200 USD is being closely observed by bulls.
Trade active
⋅
Trade active
⋅
Comment
⋅
Gold retreated to the $2,180 area after facing rejection near $2,200 during the European trading hours on Wednesday. With the benchmark 10-year US Treasury bond yield edging lower toward 4.2%, however, XAU/USD regained its traction and rose above $2,190.