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12 November 2024,02:18
Trade Of The Day
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12 November 2024, 02:18
* Dollar Pressure: Gold prices experienced their steepest weekly decline in five months, driven by speculation of a second term for Donald Trump, which has heightened fears of renewed trade tensions, bolstering the U.S. dollar. Overnight, Bloomberg reported warnings from BlackRock and JPMorgan that the U.S. bond sell-off “is far from over,” suggesting that Trump’s fiscal policies could spur inflation and increase the budget deficit. Consequently, traders are lowering their expectations for significant Federal Reserve rate cuts. Furthermore, rumors that Robert Lighthizer, a strong proponent of Trump’s tariffs, could lead the U.S. trade office have further rattled investors.
* Technical Breakout: Gold price was traded lower following prior breakout below the previous support level 2625.00. MACD which illustrate bearish momentum signal suggest the commodity to further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 2580.00. Conversely, a potential reversal is also to be expected and the price could head back towards 2675.00 after it breach back above the level 2625.00.
Looking ahead, investors will closely watch key U.S. economic data releases, including CPI, PPI, and Retail Sales this week for further direction and insights into economic momentum.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US 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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