Gold - Trade Idea - Buy
During the early European session on Thursday, the price of gold (XAU/USD) relinquished its limited intraday recovery and slid toward the lower boundary of its daily trading range, hovering around the $1,820 level. Although the precious metal experienced a slight uptick following a minor dip in the US Dollar (USD) earlier in the day, it failed to sustain upward momentum.
On Wednesday, the initial market response to uninspiring US macroeconomic data was brief. The prevailing sentiment appears to be shifting towards the belief that the Federal Reserve (Fed) will maintain higher interest rates for an extended period, contributing to the limited enthusiasm for gold.
Buy.
On Wednesday, the initial market response to uninspiring US macroeconomic data was brief. The prevailing sentiment appears to be shifting towards the belief that the Federal Reserve (Fed) will maintain higher interest rates for an extended period, contributing to the limited enthusiasm for gold.
Buy.