GOLD 30/6 : The situation of gold after GDP news
Gold prices struggled to capitalize on overnight gains from the $1,893-$1,892 region, or the lowest since mid-March, and hovered in a narrow trading range during the Asian session on Friday. XAU/USD currently trades below $1,910, mostly unchanged on the day as traders eagerly await the release of key inflation data from the United States (US) before placing bets in a new direction.
USD is said to be consolidating gains recorded over the past two trading days, to the highest since June 13, and partially supporting the US Dollar XAU/USD.
From a technical perspective, gold could drop to $1,850/ounce, down about 2.5% from current levels.
USD is said to be consolidating gains recorded over the past two trading days, to the highest since June 13, and partially supporting the US Dollar XAU/USD.
From a technical perspective, gold could drop to $1,850/ounce, down about 2.5% from current levels.
Comment:
Despite recovering from losses, XAU/USD remains vulnerable. The strength of the US dollar pushed gold to $1892, its lowest level since March. However, it bounced back to the $1910 range, easing selling pressure. Complicated fundamentals continue to complicate the bullish outlook.
Comment:
U.S. data came as expected, with initial jobless claims falling to a four-week low of 239,000, while claims continued to fall unexpectedly to 1.742 million. Q1 growth data has been revised upwards from 1.3% to 2%. On the negative side, pending home sales fell 2.7% in May, so a 0.2% gain is expected.
Comment:
The US Dollar (USD) is enjoying inflows since Thursday after a very difficult session. Unexpectedly rising inflation in European countries kept the Euro outperforming the Greenback for most of the European session, while the US Gross Domestic Product figures allayed worries. recession and getting the Greenback back is the taste of the day.
