Hey Traders, in today's trading session we are monitoring XAUUSD for a selling opportunity around the 4,560 zone. GOLD is trading in a downtrend and currently is in a correction phase in which price is approaching the trendline resistance around the 4,560 support and resistance area.
From the macro side, gold remains under pressure as the US Dollar stays firm and Treasury yields remain elevated, supported by persistent inflation concerns and the higher-for-longer Fed narrative. This environment continues to reduce the appeal of non-yielding assets like gold.
In addition, recent data and market positioning are reinforcing USD strength, while safe-haven flows are favoring the dollar over gold, keeping upside moves capped and making rallies attractive for selling.
Trade safe,
Joe.
From the macro side, gold remains under pressure as the US Dollar stays firm and Treasury yields remain elevated, supported by persistent inflation concerns and the higher-for-longer Fed narrative. This environment continues to reduce the appeal of non-yielding assets like gold.
In addition, recent data and market positioning are reinforcing USD strength, while safe-haven flows are favoring the dollar over gold, keeping upside moves capped and making rallies attractive for selling.
Trade safe,
Joe.
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Free Telegram Group:
t.me/+0LGgMsgX9TViOGZk
The 1% Traders Club:
t.me/+dMaf68BK5c5hZDA8
t.me/+0LGgMsgX9TViOGZk
The 1% Traders Club:
t.me/+dMaf68BK5c5hZDA8
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.