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1 August 2024,01:26
Trade Of The Day
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1 August 2024, 01:26
* Dovish Statements from Fed and Risk-Off Sentiment: Gold prices rebounded and extended their gains, driven by two major factors. First, the Federal Reserve’s dovish tone and hints at potential rate cuts bolstered demand for the non-yielding asset. Second, escalating tensions in the Middle East added to the safe-haven appeal of gold as investors sought protection against rising geopolitical risks.
* Technical Breakout: Gold prices are trading higher while currently still testing the resistance level. With the fundamentals remaining strong to support safe-haven gold, any breakout could suggest a likely extension of gains. Conversely, a failure to break out may indicate a technical retracement and profit-taking by investors.
* Resistance and Support: If the bullish momentum persists, gold prices might extend their gains toward the next resistance level of 2485.00 after a successful breakout. If not, we could expect a retracement, with prices potentially retesting the support level of 2420.00.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and global data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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