-Short Idea (XAU/USD)-
XAU/USD
Gold price (XAU/USD) extends its sideways consolidative price move below the $2,000 psychological mark heading into the European session on Thursday and languishes near a two-month low touched the previous day. Growing acceptance that the Federal Reserve (Fed) will keep interest rates higher for longer, bolstered by the hotter-than-expected US inflation data that was released on Tuesday.
Meanwhile the Israeli military said on Wednesday its fighter jets began a series of strikes in Lebanon in retaliation to a rocket fired into Northern Israel, raising the risk of a war between the two countries. The on going geopolitical tensions in the Middle East may contribute to an increase in the price of gold, which is traditionally seen as a safe-haven for (XAU/USD) and helps limit the downside.
Gold price (XAU/USD) extends its sideways consolidative price move below the $2,000 psychological mark heading into the European session on Thursday and languishes near a two-month low touched the previous day. Growing acceptance that the Federal Reserve (Fed) will keep interest rates higher for longer, bolstered by the hotter-than-expected US inflation data that was released on Tuesday.
Meanwhile the Israeli military said on Wednesday its fighter jets began a series of strikes in Lebanon in retaliation to a rocket fired into Northern Israel, raising the risk of a war between the two countries. The on going geopolitical tensions in the Middle East may contribute to an increase in the price of gold, which is traditionally seen as a safe-haven for (XAU/USD) and helps limit the downside.
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