Gold prices moved little on Tuesday as markets awaited more cues on U.S. monetary policy this week, while copper prices fell slightly after China cut its lending benchmark for the first time in 10 months.
China trimmed its benchmark loan prime rate (LPR) by 10 basis points across the board- a move that was largely expected by markets- as Beijing struggles to shore up a slowing economic rebound in the country.
But the move sent a somewhat negative signal to metal markets, given that it highlights deepening cracks in the Chinese economy despite the lifting of anti-COVID measures earlier this year.
XAUUSD
SELL LIMIT 1960 - 1963
✅𝖳𝖯1 1955
✅𝖳𝖯2 1950
✅TP3 1945
🛑𝖲𝖫 1968
China trimmed its benchmark loan prime rate (LPR) by 10 basis points across the board- a move that was largely expected by markets- as Beijing struggles to shore up a slowing economic rebound in the country.
But the move sent a somewhat negative signal to metal markets, given that it highlights deepening cracks in the Chinese economy despite the lifting of anti-COVID measures earlier this year.
XAUUSD
SELL LIMIT 1960 - 1963 ✅𝖳𝖯1 1955
✅𝖳𝖯2 1950
✅TP3 1945
🛑𝖲𝖫 1968
