Gold prices traded with a negative bias for the second consecutive day on Tuesday, although lacking continuation and remaining within the familiar range maintained over the past week or so. XAU/USD is currently placed just below $1,940, down less than 0.10% on the day and pressured by a combination of factors.
Despite signs that labor market conditions in the United States (US) are easing, the Federal Reserve (Fed) is expected to keep interest rates higher for longer. Furthermore, markets are still pricing in the possibility of another 25 basis points (bps) hike later this year. This, in turn, remains supportive of rising US Treasury yields, providing some support to the US Dollar (USD) and weakening non-yielding Gold prices.
Despite signs that labor market conditions in the United States (US) are easing, the Federal Reserve (Fed) is expected to keep interest rates higher for longer. Furthermore, markets are still pricing in the possibility of another 25 basis points (bps) hike later this year. This, in turn, remains supportive of rising US Treasury yields, providing some support to the US Dollar (USD) and weakening non-yielding Gold prices.
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The US Dollar is clinging to last week's solid recovery gains, as China's economic troubles strengthen the Greenback's safe-haven demand, which in turn turns Gold prices negative. Precious metals are under pressure as the USD strengthens
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BUY GOLD | 1932 - 1930
🔴 SL: 1928
🟢 TP1: 1940
🟢 TP2: 1945
🔴 SL: 1928
🟢 TP1: 1940
🟢 TP2: 1945
