Stable Gold Prices in Asian Trade Amid Bond Market Selloff,...

Gold remained stable in Asian trading following its recent drop, which was driven by a resumption of the bond market selloff. The relationship between bond yields and both bond and gold prices is inversely correlated. According to Edward Moya, a senior market analyst at Oanda, there is potential for gold to benefit in the long term, particularly when the dollar, which also tends to move inversely to the precious metal, reaches a certain peak. The direction of the non-interest-bearing metal will also be influenced by expectations regarding the Federal Reserve's interest rate trajectory. Moya points out that while the central bank may have finished raising rates, it is unlikely to consider rate cuts in the near future. As of now, spot gold remains relatively unchanged at $1,926.21 per ounce.

XAUUSD SELL LIMIT 1927 - 1929 💯💯

✅ TP1: 1922
✅ TP2: 1918

🛑 SL: 1934

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On Wednesday, gold declined to its lowest level in one week, extending its losses after registering its most significant intraday drop in a month during the previous session. This drop was attributed to the rise in U.S. Treasury yields and the strengthening of the dollar, driven by the anticipation of continued high interest rates.

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Spot gold, trading under the symbol GOLD, remained muted at $1,924.41 per ounce as of 0058 GMT, following its most significant daily decline since August 1st on Tuesday. Meanwhile, U.S. gold futures, also represented as GOLD, saw a 0.1% drop to $1,949.80.

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During the previous session, the U.S. dollar surged to nearly a six-month peak against a basket of currencies, concurrent with benchmark 10-year bond yields reaching their highest point in more than a week. This development curbed enthusiasm for gold.

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Federal Reserve Governor Christopher Waller noted that the recent stream of economic data was providing the U.S. central bank with room to assess whether further interest rate hikes are warranted.

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Running +20Pips✅✅

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On Wednesday, gold remained under $1,930 per ounce due to the strength of the U.S. dollar, driven by increased global economic uncertainties that led to higher demand for the safe-haven currency.