after reporting the first daily loss in three.
US Dollar retreats after rate cut news, activating XAU/USD rebouned from 200-SMA.
Overall USD strength, fears of easing demand from China, India weigh on quote.
Key support challange XAU/USD bears ahead of important US employment clues.
Gold Price(XAU/USD) begins Wesdnesday's Asian session on a front foot, bouncing off the lowest levels in a week, as well as from the 200-SMA key support, as it justifies the United States goverment's rate cut by the rating gaint Fitch Ratings. In doing so, the yellow metal pares the previous day's heavy losses with mild gains to around $1,950. However, the bears remain hopeful ahead of today's United States Automatic Data Processing (ADP) Change Employment, the early signal for Friday's Nonfarm Payrolls (NFP).
Trend: Limited downside expected
US Dollar retreats after rate cut news, activating XAU/USD rebouned from 200-SMA.
Overall USD strength, fears of easing demand from China, India weigh on quote.
Key support challange XAU/USD bears ahead of important US employment clues.
Gold Price(XAU/USD) begins Wesdnesday's Asian session on a front foot, bouncing off the lowest levels in a week, as well as from the 200-SMA key support, as it justifies the United States goverment's rate cut by the rating gaint Fitch Ratings. In doing so, the yellow metal pares the previous day's heavy losses with mild gains to around $1,950. However, the bears remain hopeful ahead of today's United States Automatic Data Processing (ADP) Change Employment, the early signal for Friday's Nonfarm Payrolls (NFP).
Trend: Limited downside expected
Disclaimer
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.
Disclaimer
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.