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28 June 2024,02:30
Trade Of The Day
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28 June 2024, 02:30
* Golden Pause: Gold prices (XAU/USD) are near their lowest levels in two weeks, trading around $2300, as the Federal Reserve’s hawkish stance and increased US bond yields have posed challenges for the precious metal. Following its June meeting, the Fed took a more hawkish stance, with policymakers suggesting just one interest rate cut by year-end. Market expectations, however, lean towards a potential rate cut in September, followed by two more cuts of 25 basis points each before the end of the year. Investors are currently cautious, awaiting critical US economic data before making significant moves.
* Technical Breakout: Gold prices remain trading within a range of 2367.00 to 2294.00. However, the MACD indicator, showing bearish momentum with the formation of a death cross, suggests that the commodity price to decline in short term.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 2294.00. Conversely, a potential correction is also to be expected and the price could head towards 2367.00.
Understand how technical analysis can help you in this trading opportunity.
Moving ahead, the market will closely watch the key data release of the US Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation measure, on Friday. Additionally, investors will be keeping an eye on developments in the U.S. election, which could also potentially impact the financial markets.
Know how to manage trading risks with risk management strategies.
Stay updated on US data, US election, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
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