Greetings, fellow traders! Have you been selling or buying gold today?
From my market analysis: The confluence of diverging forces has failed to impart any significant momentum to gold prices, leading to constrained price action. Hawkish comments from the Fed Governor on Wednesday tempered expectations for rate cuts, solidifying the U.S. Dollar's (USD) stance near its monthly peak, thereby acting as a headwind for XAU/USD. However, the Fed's indication of a prospective 75 bps rate cut in 2024, coupled with a somewhat softer risk tone, suggests potential support for the safe-haven metal.
The outlook for gold remains bullish, with prices inching towards $2,220 and potentially testing $2,210 before encountering resistance and undergoing a correction.