US PPI news is the focus of market attention today.
Gold prices gain slight upward momentum as US bond yields experience a modest pullback.
However, expectations of a hawkish Federal Reserve support USD strength, limiting gold's upward potential.
The robust US Nonfarm Payrolls (NFP) report released on Friday has strengthened predictions of a slower pace of rate cuts this year, boosting US bond yields and the USD. This continues to pressure the non-yielding gold market. Investors are now focusing on the upcoming release of the US Producer Price Index (PPI) for short-term direction later in the North American trading session.
SET GOLD PRICE
Buy Gold price range: $2646 - $2644 SL: $2639
TP1: $2651
TP2: $2658
TP3: $2665
Sell Gold price range: $2697 - $2699 SL: $2704
TP1: $2690
TP2: $2683
TP3: $2673
However, expectations of a hawkish Federal Reserve support USD strength, limiting gold's upward potential.
The robust US Nonfarm Payrolls (NFP) report released on Friday has strengthened predictions of a slower pace of rate cuts this year, boosting US bond yields and the USD. This continues to pressure the non-yielding gold market. Investors are now focusing on the upcoming release of the US Producer Price Index (PPI) for short-term direction later in the North American trading session.
SET GOLD PRICE
Buy Gold price range: $2646 - $2644 SL: $2639
TP1: $2651
TP2: $2658
TP3: $2665
Sell Gold price range: $2697 - $2699 SL: $2704
TP1: $2690
TP2: $2683
TP3: $2673
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