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30 May 2024,02:19
Trade Of The Day
30 May 2024, 02:19
* Treasury Surge, Gold Purge: Gold prices fell on Wednesday as rising US Treasury yields increased demand for the Greenback. The yield on the US 10-year Treasury note rose by six basis points to 4.616%, strengthening the dollar and weighing on the commodity. With a sparse economic calendar, traders continue to digest hawkish comments made by Minnesota Fed President Neel Kashkari on Tuesday. Kashkari noted that Fed officials had not ruled out further rate hikes and suggested that any rate cuts would likely occur twice toward the end of 2024.
* Technical Breakout: Gold price was traded lower following recent retracement from the resistance level 2353.50. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 2270.00. Conversely, a potential retracement is also to be expected and the price could head back towards 2454.00 should the price breach back above the 2353.50 level.
Understand how technical analysis can help you in this trading opportunity.
Moving forward, traders are preparing for the anticipated release of April’s Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s preferred inflation measure. This release could significantly impact the momentum of gold prices.
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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Disclaimer: Trading derivatives involves high risks, and market conditions can change rapidly. The content is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consider risk management strategies.
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