Gold climbs above $2,280, closes in on new record highs
Gold reversed its direction and rose above $2,280 after correcting lower toward $2,260 in the European session. The broad-based selling pressure surrounding the US Dollar provide a boost to XAU/USD despite rising US T-bond yields.
Gold price (XAU/USD) pulls back after hitting a fresh record high earlier this Wednesday and remains on the defensive through the first half of the European session. The incoming stronger US macro data pointed to a resilient economy and raised doubts over whether the Federal Reserve (Fed) will cut interest rates three times this year. The shift in outlook keeps the US Treasury bond yields elevated and prompts some profit-taking around the non-yielding yellow metal, especially after the recent strong runup witnessed over the past week or so.
Gold (XAU/USD) has lacked directional conviction since the beginning of 2024, with prices oscillating between technical resistance at ~$2,065 and horizontal support at ~$2,005. Although bullion’s prospects seemed more positive a month ago, the bullish thesis appears to be on hold for now, especially after the Federal Reserve indicated that it is in no hurry to start lowering borrowing costs.
If rates remain at elevated levels or even rise further, precious metals, which do not pay dividends or offer yields, will struggle to follow an upward trajectory. With the interest rate outlook front and center these days, the FOMC’s monetary policy path will perhaps be the most important catalyst driving market dynamics in the near term.
XAUUSD BUY NOW 2284_81
Tp 2288
Tp 2293
Tp 2300
SL 2274
Use money Management
Gold reversed its direction and rose above $2,280 after correcting lower toward $2,260 in the European session. The broad-based selling pressure surrounding the US Dollar provide a boost to XAU/USD despite rising US T-bond yields.
Gold price (XAU/USD) pulls back after hitting a fresh record high earlier this Wednesday and remains on the defensive through the first half of the European session. The incoming stronger US macro data pointed to a resilient economy and raised doubts over whether the Federal Reserve (Fed) will cut interest rates three times this year. The shift in outlook keeps the US Treasury bond yields elevated and prompts some profit-taking around the non-yielding yellow metal, especially after the recent strong runup witnessed over the past week or so.
Gold (XAU/USD) has lacked directional conviction since the beginning of 2024, with prices oscillating between technical resistance at ~$2,065 and horizontal support at ~$2,005. Although bullion’s prospects seemed more positive a month ago, the bullish thesis appears to be on hold for now, especially after the Federal Reserve indicated that it is in no hurry to start lowering borrowing costs.
If rates remain at elevated levels or even rise further, precious metals, which do not pay dividends or offer yields, will struggle to follow an upward trajectory. With the interest rate outlook front and center these days, the FOMC’s monetary policy path will perhaps be the most important catalyst driving market dynamics in the near term.
XAUUSD BUY NOW 2284_81
Tp 2288
Tp 2293
Tp 2300
SL 2274
Use money Management
Comment:
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TP 2/90/ PIPS done👍💯✅
Comment:
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Comment:
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