XAU awaits important economic data during the day
Investors remain cautious amid growing geopolitical risks, especially after a drone attack in northeastern Jordan that resulted in the deaths of three US service members. The attack, believed to have been carried out by Iran-backed groups, has increased tensions and is likely to impact global risk sentiment, potentially benefiting safe-haven assets like gold and Japanese Yen.
Meanwhile, the gold market is also responding to many external pressures. The impending liquidation of China Evergrande Group has contributed to a cautious market sentiment, limiting the potential for immediate price increases in precious metals. Furthermore, with the Fed's policy meeting coming up, investors are closely watching for any signs of interest rate adjustments.
The USD started the week weak as market participants assessed US economic data ahead of the upcoming Fed policy meeting. Escalating tensions in the Middle East are subduing risk sentiment. Despite the slight decline in the USD index, markets are recalibrating expectations for US interest rate cuts, with less aggressive easing now predicted.
Meanwhile, the gold market is also responding to many external pressures. The impending liquidation of China Evergrande Group has contributed to a cautious market sentiment, limiting the potential for immediate price increases in precious metals. Furthermore, with the Fed's policy meeting coming up, investors are closely watching for any signs of interest rate adjustments.
The USD started the week weak as market participants assessed US economic data ahead of the upcoming Fed policy meeting. Escalating tensions in the Middle East are subduing risk sentiment. Despite the slight decline in the USD index, markets are recalibrating expectations for US interest rate cuts, with less aggressive easing now predicted.
Comment:
running + 20 pips
Comment:
running + 30 pips
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TP1: 2027
TP2: 2023
SL: 2043