Gold prices today also continue to rise as they surpass the $2,000/ounce mark. At one point, gold reached $2017, the highest level since May. The market is cautious, preparing for the favored inflation measure of the US Federal Reserve - the PCE price index, which will be released later this week.
-The US PCE inflation data will help strengthen bets on a Fed interest rate cut in May, while Eurozone inflation data will provide new insights into the interest rate outlook of the European Central Bank (ECB). Both of these data points could have a significant impact on gold prices, which do not bear interest.
-Meanwhile, gold traders will receive signals from the temporary ceasefire between Hamas and Israel, as mediators are making every effort to extend the thawing period in the Middle East conflict. This is the first ceasefire since the start of the conflict between Israel and Hamas on Friday morning.
Source: Fxstreet
At the time of writing, the price of gold is trading at $2011. In my personal opinion, I believe that gold will continue to decline in the short term, with an expected decrease to $2005. However, if it manages to break through the resistance level at $2020, this will likely result in a strong upward trend in price.
Wishing you successful trading!
-The US PCE inflation data will help strengthen bets on a Fed interest rate cut in May, while Eurozone inflation data will provide new insights into the interest rate outlook of the European Central Bank (ECB). Both of these data points could have a significant impact on gold prices, which do not bear interest.
-Meanwhile, gold traders will receive signals from the temporary ceasefire between Hamas and Israel, as mediators are making every effort to extend the thawing period in the Middle East conflict. This is the first ceasefire since the start of the conflict between Israel and Hamas on Friday morning.
Source: Fxstreet
At the time of writing, the price of gold is trading at $2011. In my personal opinion, I believe that gold will continue to decline in the short term, with an expected decrease to $2005. However, if it manages to break through the resistance level at $2020, this will likely result in a strong upward trend in price.
Wishing you successful trading!
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The US dollar index (DXY) extends the losses, although the US Treasury interest rate is improved. Despite the speculation of the ability to loosen, Federal Reserve officials (Fed) still emphasize the need to tighten. Their stance reflects the commitment to closely monitor data before making a decision. Source from: Fxstreet
