The uptrend remains the main trend for the XAUUSD market
IG Company market analyst Yep Jun Long said gold prices were "neutral" in today's trading ahead of the PCE data release on the same day.
He said strong third-quarter U.S. gross domestic product data dispels market speculation about a possible Fed rate cut, as investors are still following commentary cues. It is said that it is not possible. Recent comments from Fed officials. This week, Fed officials talked about the possibility of rate cuts in the coming months, predicting slower growth and further cooling of inflation. The comments sent the yield on the 10-year U.S. Treasury note down to 4.2470%, its lowest level in 2 1/2 months. In current trading, the U.S. dollar index, which measures the dollar's strength against a basket of major currencies, has fallen to its lowest level in nearly three months, ending November with its steepest decline in a year. This development made gold cheaper for buyers using other currencies.
BUY 2036-2038
TP 2045
SL 2032
He said strong third-quarter U.S. gross domestic product data dispels market speculation about a possible Fed rate cut, as investors are still following commentary cues. It is said that it is not possible. Recent comments from Fed officials. This week, Fed officials talked about the possibility of rate cuts in the coming months, predicting slower growth and further cooling of inflation. The comments sent the yield on the 10-year U.S. Treasury note down to 4.2470%, its lowest level in 2 1/2 months. In current trading, the U.S. dollar index, which measures the dollar's strength against a basket of major currencies, has fallen to its lowest level in nearly three months, ending November with its steepest decline in a year. This development made gold cheaper for buyers using other currencies.
BUY 2036-2038
TP 2045
SL 2032
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