Hello there,
On Tuesday, the gold price traded in negative territory due to renewed demand for the US Dollar. The possibility of rate cuts by the Federal Reserve following downbeat US jobs data prompted speculation in the market. Investors are closely monitoring a speech by Fed's Kashkari later in the day. Despite the USD demand, the gold price lost momentum, but the recent US Nonfarm Payrolls data fueled expectations of interest rate cuts, which could support the gold price due to its affordability for foreign buyers. Central bank purchases and Asian market demand continue to bolster the precious metal in the short term. Additionally, ongoing political tensions in the Middle East may drive safe-haven flows, benefiting the gold price. A hawkish tone from Fed officials, such as Kashkari, could strengthen the USD and pressure USD-denominated gold.
In conclusion, the gold price traded in negative territory on Tuesday due to increased demand for the US Dollar.
T.A
The gold price might pulse up to 2319.64 and turn bearish toward 2300 for a bias of 2292.61 as the price keeps below the RSI 50 level at the current momentum. If the price breaks the 2324.84 area then the setup will be invalid.
Happy trading,
K.
Disclaimer: My technical setups are speculative; they are not guaranteed for accuracy or completeness in the form of any content, and they are not intended to provide financial market advice. Please apply your analysis and confirm it with price action.
On Tuesday, the gold price traded in negative territory due to renewed demand for the US Dollar. The possibility of rate cuts by the Federal Reserve following downbeat US jobs data prompted speculation in the market. Investors are closely monitoring a speech by Fed's Kashkari later in the day. Despite the USD demand, the gold price lost momentum, but the recent US Nonfarm Payrolls data fueled expectations of interest rate cuts, which could support the gold price due to its affordability for foreign buyers. Central bank purchases and Asian market demand continue to bolster the precious metal in the short term. Additionally, ongoing political tensions in the Middle East may drive safe-haven flows, benefiting the gold price. A hawkish tone from Fed officials, such as Kashkari, could strengthen the USD and pressure USD-denominated gold.
In conclusion, the gold price traded in negative territory on Tuesday due to increased demand for the US Dollar.
T.A
The gold price might pulse up to 2319.64 and turn bearish toward 2300 for a bias of 2292.61 as the price keeps below the RSI 50 level at the current momentum. If the price breaks the 2324.84 area then the setup will be invalid.
Happy trading,
K.
Disclaimer: My technical setups are speculative; they are not guaranteed for accuracy or completeness in the form of any content, and they are not intended to provide financial market advice. Please apply your analysis and confirm it with price action.
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