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11 October 2024,02:26
Trade Of The Day
11 October 2024, 02:26
* Gold Surges Despite Better-than-Expected CPI? Gold initially declined after the inflation report but quickly rebounded as investors turned to safe-haven assets amid rising Middle East tensions. The recent Israeli airstrikes in Beirut fueled uncertainty, overshadowing the hotter-than-expected inflation data and reinforcing gold’s role as a hedge against geopolitical risks. This quick recovery highlights the metal’s enduring appeal, even when economic indicators are robust.
* Technical Breakout: Gold prices are trading higher following the prior breakout above the previous resistance level. MACD has illustrated increasing bullish momentum, while RSI is at 66, suggesting a bullish bias since the RSI stays above the midline.
*Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 2650.00. Conversely, a potential reversal is also to be expected and the price could head back towards 2630.00.
Understand how technical analysis can help you in this trading opportunity.
Looking ahead, investors will pay close attention to the US Producer Price Index (PPI) data for September, which will be published later today.
Know how to manage trading risks with risk management strategies.
Stay updated on US data and central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
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