Gold price (XAU/USD) struggles for a firm intraday direction on Thursday and oscillates in a range below the all-time peak touched the previous day. Bets for another oversized interest rate cut by the US Federal Reserve (Fed) fail to assist the US Dollar (USD) to capitalize on the previous day's solid recovery from the vicinity of the YTD low and lend support to the non-yielding yellow metal. Apart from this, rising tensions in the Middle East and concerns over China's economic recovery, despite the latest stimulus plans, act as a tailwind for the safe-haven precious metal. Bullish traders, however, seem reluctant and prefer to wait for more cues about the Fed's rate-cut path before placing fresh bets around the Gold price. Hence, the focus will remain glued to speeches by influential FOMC members, including Fed Chair Jerome Powell, which, in turn, will play a key role in influencing the near-term USD price dynamics. Apart from this, the US macro data – the final Q2 GDP print, the usual Weekly Initial Jobless Claims and Durable Goods Orders – should contribute to producing short-term trading opportunities around the XAU/USD.
Selling is advised for target of 2550....[/b]
Selling is advised for target of 2550....[/b]
Note
We are again on sell..... Sell upon every rise good LUCK
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.