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29 October 2024,02:03
Trade Of The Day
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29 October 2024, 02:03
* • Gold Resillience: Gold prices recovered earlier declines and held firm despite fading worries of broader conflict impacting safe-haven demand. Middle East tensions lessened as Israel avoided strikes on Iran’s oil and nuclear sites, with Iranian officials downplaying the event even as Tehran issued retaliatory warnings. Nonetheless, gold demand remains strong amid uncertainty ahead of the U.S. presidential election, which could shape future economic policies. Additionally, rising central bank purchases and increased investor interest support gold prices. The World Gold Council reports that central banks, led by China, have bought over 1,000 tonnes of gold annually over the last two years.
* Technical Breakout: Gold price was traded higher following prior rebound from the support level 2725.00. MACD which illustrate bullish bias signal with the formation of golden cross suggest the commodity to likely further extend its trend.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 2775.00. Conversely, a potential reversal is also to be expected and the price could head back towards 2725.00.
Looking ahead, investors will turn their attention to key upcoming U.S. data, including the ADP Non-Farm Employment Change, GDP, Core PCE Price Index, and Non-Farm Payroll.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, Middle East development, 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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