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12 November 2024,02:08
Trade Of The Day
12 November 2024, 02:08
* Dollar Pressure: Gold prices suffered their worst weekly performance in five months, dropping sharply as speculation around a second term for Donald Trump raised concerns about a renewed escalation in trade tensions, supporting the U.S. Dollar. In overnight news, Bloomberg reported that BlackRock and JPMorgan warned the sell-off in U.S. bonds is “far from over,” suggesting that Trump’s fiscal policies could reignite inflation and widen the budget deficit. This has led traders to scale back expectations for significant Federal Reserve rate cuts. Additionally, rumors that Robert Lighthizer, a staunch supporter of Trump’s tariffs, may lead the U.S. trade office further unsettled investors.
* Technical Breakout: Gold price was traded lower following prior breakout below the previous support level 2625.00. MACD which illustrate bearish momentum signal suggest the commodity to further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 2580.00. Conversely, a potential reversal is also to be expected and the price could head back towards 2675.00 after it breach back above the level 2625.00.
Understand how technical analysis can help you in this trading opportunity.
Looking ahead, investors will closely watch key U.S. economic data releases, including CPI, PPI, and Retail Sales this week for further direction and insights into economic momentum.
Know how to manage trading risks with risk management strategies.
Stay updated on US data, 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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