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11 September 2024,02:11
Trade Of The Day
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11 September 2024, 02:11
* Inflation Watch: Gold prices climbed during the Asian session as traders reacted to a dip in U.S. Treasury yields, while awaiting a key U.S. inflation report. The 10-year Treasury yield dropped 5 basis points to 3.648%, and the 2-year yield decreased 6 basis points to 3.607%. Investors are now turning their attention to Wednesday’s Consumer Price Index (CPI) report for August, which could indicate a further decline from July’s 2.9% inflation rate. This data is expected to bolster the Federal Reserve’s dovish stance on rate cuts, amid concerns over a softening labor market.
* Technical Breakout: Gold price was traded higher while currently testing the resistance level 2520.00. MACD which illustrate strong bullish momentum signal with formation of golden cross 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 2550.00 after it breaches above the level 2520.00. Conversely, a potential reversal is also to be expected and the price could head back towards the level 2485.00.
Looking ahead, investors are now focusing on upcoming key U.S. inflation data, including CPI and PPI, to gain further insights into the potential direction of the Fed’s rate cut decisions.
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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