🌏 Market Analysis today
🔔 Product: XAU/USD
💁♂️ Prediction: Increase
📈 Fundamental Analysis:
Gold prices drifted lower in the Asian session on Friday, eroding some of the previous day's gains. This was due to a modest rise in US Treasury yields, which boosted the US dollar and weighed on the yellow metal. However, gold still traded up nearly 0.5% on Thursday, as markets anticipated future interest rate cuts by the Federal Reserve. Fed Chair Jerome Powell struck a cautiously optimistic tone, suggesting the Fed may not wait for its inflation target to be fully met before cutting rates. Meanwhile, central banks around the world continued to accumulate gold, offsetting the reduced buying from China. Analysts remain bullish on gold's prospects, with forecasts of it reaching $2,600 by the end of 2024 and $2,475 in Q1 2025.
📉 Technical Analysis:
Gold prices drifted lower in the Asian session on Friday, eroding some of the previous day's gains. This was due to a modest rise in US Treasury yields, which boosted the US dollar and weighed on the yellow metal. However, gold still traded up nearly 0.5% on Thursday, as markets anticipated future interest rate cuts by the Federal Reserve. Fed Chair Jerome Powell struck a cautiously optimistic tone, suggesting the Fed may not wait for its inflation target to be fully met before cutting rates. Meanwhile, central banks around the world continued to accumulate gold, offsetting the reduced buying from China. Analysts remain bullish on gold's prospects, with forecasts of it reaching $2,600 by the end of 2024 and $2,475 in Q1 2025
Rahim_KVB
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