Hello everyone !
Gold continues its downward trend today, following the decline since the beginning of the week, with prices currently hovering around $2,908.
The primary reasons for this drop are the rising U.S. Treasury yields and profit-taking by investors. Right now, the market's attention is focused on the upcoming U.S. jobs report and non-farm payroll data, which could provide clues about the Federal Reserve’s (FED) monetary policy stance amid escalating global trade tensions.
"Unless a new catalyst emerges, the current trend could push gold even lower. If the price breaks below $2,900, it may signal further declines toward $2,880, aligning with the lower boundary of the price channel".
Happy trading and best of luck !
Gold continues its downward trend today, following the decline since the beginning of the week, with prices currently hovering around $2,908.
The primary reasons for this drop are the rising U.S. Treasury yields and profit-taking by investors. Right now, the market's attention is focused on the upcoming U.S. jobs report and non-farm payroll data, which could provide clues about the Federal Reserve’s (FED) monetary policy stance amid escalating global trade tensions.
"Unless a new catalyst emerges, the current trend could push gold even lower. If the price breaks below $2,900, it may signal further declines toward $2,880, aligning with the lower boundary of the price channel".
Happy trading and best of luck !
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