Gold (XAU/USD) is currently trading around $3,697 during the European session, remaining near a record high as expectations of a dovish Fed cut weigh on the US dollar and maintain interest in safe-haven assets. Market participants tend to hold large positions ahead of the FOMC—the dot plot and Powell's tone will be key determinants of the next direction, particularly for clarity on the tapering path through the end of the year.
Technically, the psychological $3,700 area is the first hurdle; a break and hold above it (intrahour/daily close) opens the way to $3,715–$3,730 and then $3,750. Below the current price, immediate support lies at $3,685–$3,680; further weakness could test $3,665 and then $3,650. The bias remains constructive as long as it holds above $3,650, but a hawkish surprise from the Fed (or a sharp rebound in the DXY) risks triggering a rapid correction to that support area. (ayu)
The gold price at the time of writing was $3,697/Toz.
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
Silver is currently hovering around $77,430, likely awaiting triggers from the US dollar and yields. If the dollar strengthens, silver is usually resilient; if the dollar weakens, silver rises more ea...
Gold prices weakened in recent trading, pressured by a strengthening US dollar and rising US government bond yields, as investors digested the latest economic data from the United States. Market senti...
Silver (XAG/USD) today consolidated around $78.05/oz (real-time), following high volatility in recent sessions. This area indicates the market is "holding its breath" as market participants await a ma...
Gold prices fell in recent trading as investors opted to take profits after the previous rally, while awaiting confirmation from US economic data. The market's focus is now on the release of employme...
Brent oil prices have fallen relatively as the market begins to consider the possibility of an end to the Russia-Ukraine conflict. If the war subsides, Russian oil exports, previously restricted by sa...
Gold held above the psychological $5,000 level at the start of the week, supported by a combination of factors that are "right" for the precious metal : physical demand from China, expectations of lower US interest rates, and a weakening...
Oil prices fell about 1% on Monday as concerns about conflict in the Middle East eased slightly. The market calmed after the US and Iran agreed to resume talks on Tehran's nuclear program, reducing fears of imminent supply disruptions. Brent fell...
Hong Kong stocks surged on Monday morning. The Hang Seng Index rose 488 points, or around 1.8%, to 27,051, rebounding after weakening in the previous session. Sentiment was also lifted by Wall Street. Friday's rally pushed the Dow Jones...