Gold Price Update: USD Decline Spurs Recovery Amid China's ...
Gold Price Update: USD Decline Spurs Recovery Amid China's Property Measures
Gold price (XAU/USD) has rebounded as the US dollar (USD) resumes its descent in the early Asian session on Friday. With no significant economic data from the US on Thursday, gold currently hovers around $1,995, retesting the neckline of the Double Top at $1995.52. Despite this, our bearish stance remains as the price lingers in a range, showing no clear signals for either a bullish or bearish move.
Returning to economic news, the US Dollar Index (DXY) dipped marginally to 103.75, and US Treasury yields held steady at 4.41%. This dynamic benefits gold as US yields act as the opportunity cost of holding non-yielding metals.
Market sentiment received a boost from China's efforts to address the property crisis. Chinese authorities reportedly included Country Garden Holdings Co in a list of 50 eligible property developers with access to financing. Other troubled developers on the list include Sino-Ocean Group and CIFI Holdings.
Looking ahead, gold traders will closely monitor the US S&P Global PMI data on Friday. The Manufacturing PMI is anticipated to decline from 50 to 49.8, while the Services PMI is expected to ease from 50.6 to 50.4. Traders will use these figures to identify potential trading opportunities around the gold price.
Below 1996.000 look for further downside with 1979.700 & 1965.680 as targets.
Gold price (XAU/USD) has rebounded as the US dollar (USD) resumes its descent in the early Asian session on Friday. With no significant economic data from the US on Thursday, gold currently hovers around $1,995, retesting the neckline of the Double Top at $1995.52. Despite this, our bearish stance remains as the price lingers in a range, showing no clear signals for either a bullish or bearish move.
Returning to economic news, the US Dollar Index (DXY) dipped marginally to 103.75, and US Treasury yields held steady at 4.41%. This dynamic benefits gold as US yields act as the opportunity cost of holding non-yielding metals.
Market sentiment received a boost from China's efforts to address the property crisis. Chinese authorities reportedly included Country Garden Holdings Co in a list of 50 eligible property developers with access to financing. Other troubled developers on the list include Sino-Ocean Group and CIFI Holdings.
Looking ahead, gold traders will closely monitor the US S&P Global PMI data on Friday. The Manufacturing PMI is anticipated to decline from 50 to 49.8, while the Services PMI is expected to ease from 50.6 to 50.4. Traders will use these figures to identify potential trading opportunities around the gold price.
Below 1996.000 look for further downside with 1979.700 & 1965.680 as targets.
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