Gold trading ideas today
Hi everybody!
Recently, gold continues to maintain positive growth momentum in maintaining the 2300 USD level. Gold's rally is driven by many fundamental factors, including after US GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the Fed could reduce borrowing costs.
It is expected that in the coming time, the uptrend will still be well supported by 2,320 USD. Fundamentally and technically the market is showing positivity so we can expect a bullish scenario at this time. Current resistance is around $2,360. If this level is breached, it could propel gold higher, potentially reaching $2,400.
Recently, gold continues to maintain positive growth momentum in maintaining the 2300 USD level. Gold's rally is driven by many fundamental factors, including after US GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the Fed could reduce borrowing costs.
It is expected that in the coming time, the uptrend will still be well supported by 2,320 USD. Fundamentally and technically the market is showing positivity so we can expect a bullish scenario at this time. Current resistance is around $2,360. If this level is breached, it could propel gold higher, potentially reaching $2,400.
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Comment:
Comment:
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
