01/06 - Consider buying gold
Updated
Gold has been popular with buyers despite frustrating bears in recent days.
The PMI has helped the XAU/USD maintain momentum, even with a 40% chance of a 25 bps rate hike by the Fed in June.
This hike could discourage Gold buyers. If the Gold buyers remain in control, Gold could reach $1,990 or even $2,000.
Immediate support will be found if the previous day's low of $1,954 is breached, followed by a test of the psychological level of $1,950.
I would consider buying gold 1949-1952
Do you think gold will continue to go up?
The PMI has helped the XAU/USD maintain momentum, even with a 40% chance of a 25 bps rate hike by the Fed in June.
This hike could discourage Gold buyers. If the Gold buyers remain in control, Gold could reach $1,990 or even $2,000.
Immediate support will be found if the previous day's low of $1,954 is breached, followed by a test of the psychological level of $1,950.
I would consider buying gold 1949-1952
Do you think gold will continue to go up?
Note
The US junk bond market worth 1.4tn has maintained its strength despite fears of a recession and rising interest rates. This is due to the scarcity of supply.Note
It can be confirmed that the possibility of America defaulting on its debt has been eliminated. The main hindrance was the Republican-controlled US House of Representatives, but they ultimately voted in favor of raising the US debt ceiling. The decision will now move to the Democrat-controlled Senate, where it is expected to pass with ease.Note
The 10-year Treasury yield increased by 3 basis points to reach 3.671%, while the 2-year Treasury experienced a rise of more than 5 basis points and was trading at 4.442%. It's important to note that yields and prices move in opposite directions and one basis point is equivalent to 0.01%.Note
House lawmakers have approved a legislation regarding the debt limit, while officials from the Federal Reserve have indicated that there may be a pause in interest rates in June. Additionally, a rally based on predictions related to artificial intelligence has taken a break.Note
Gold returned to retest the 1953-1954 price range and returned to 1983
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