XAUUSD : Continuing downtrend
As dawn breaks over the European trading session this Wednesday, gold (XAU/USD) strives to gather momentum within a tight range, holding its ground above the $2150 mark. The pulse of speculation quickens, fueled by last week's robust US consumer and producer inflation data, which signals the Federal Reserve's inclination to sustain a higher interest rate environment for an extended period. Consequently, US Treasury yields climb, bolstering the US Dollar (USD) and weighing on gold, which offers no interest-driven incentive.
Personal Insight:
Today's interest rate update is pivotal, with prevailing indicators suggesting rates will hold steady. The US economy requires more time to tame inflation—a factor that nudges gold into a downtrend, teetering on the brink of heightened buying pressure come early 2024.
Personal Insight:
Today's interest rate update is pivotal, with prevailing indicators suggesting rates will hold steady. The US economy requires more time to tame inflation—a factor that nudges gold into a downtrend, teetering on the brink of heightened buying pressure come early 2024.
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