Gold prices hit their highest level in over three weeks on May 15th (U.S. time), supported by the weakening U.S. dollar and declining yields following the latest inflation report. Data showed that the U.S. Consumer Price Index (CPI) in April rose less than expected, increasing the likelihood of interest rate cuts by the Federal Reserve (Fed). The U.S. dollar fell 0.5% to its lowest level in over a month, making gold more attractive to holders of other currencies.
From a technical perspective:
Gold is still moving within a parallel price channel, and the upward outlook is reinforced as prices remain above the EMA 34 and EMA 89 lines. The medium to long-term strategy continues to favor investors buying in!
From a technical perspective:
Gold is still moving within a parallel price channel, and the upward outlook is reinforced as prices remain above the EMA 34 and EMA 89 lines. The medium to long-term strategy continues to favor investors buying in!
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