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17 October 2024,02:20
Trade Of The Day
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17 October 2024, 02:20
* Gold Glimmers: Gold remains in demand as market uncertainty grows, driven by weaker U.S. manufacturing data on Tuesday, which may lead to a downward revision of the U.S. interest rate outlook. The NY Empire State Manufacturing Index dropped to -11.4 in October, a steep fall from September’s 11.5 increase and well below the expected 2.3. This is the index’s lowest reading in five months, following a brief recovery in August. Rising geopolitical tensions in the Middle East are also contributing to the increased appeal of gold
* Technical Breakout: : Gold price was traded higher following prior breakout above the previous resistance level 2675.00. MACD which illustrate diminishing bearish momentum signal suggest the commodity to likely further extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 2725.00. Conversely, a potential reversal is also to be expected and the price could head back towards 2625.00 after it breach back below 2675.00
Looking ahead, investors will be keeping a close watch on key U.S. data releases, especially Retail Sales, as these could offer more clarity on the economic outlook. Additionally, developments in the Middle East will remain a key area of focus.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
SStay updated on US and China 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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22 November 2024, 02:14 Canadian Dollar Falters Amid Strength in the U.S. Dollar
21 November 2024, 02:21 Gold Rises Amid Escalating Russia-Ukraine Tensions
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