XAUUSD : Gold is likely to fluctuate strongly to 2500 ?
Updated
"Precious metals" regained what they lost during the US session on Monday
During the Asian session on April 16, gold prices recovered and are currently trading around $2,386.80.
On April 15, world gold prices adjusted slightly downward after US retail sales were higher than market expectations, however the upward momentum of XAU/USD returned early this morning and Currently the precious metal is trading around $2,386.80. If bearish momentum increases in the near term, support at $2,268 will come into view, with $2,233 lower.
The focus of the market today will be the speech of Fed Chairman Jerome Powell.
The anxiety underpinned gold's rally even as expectations for when the Fed would cut interest rates were pushed back. Instead, gold prices have been supported by other factors including strong buying by central banks, rising demand from Chinese consumers and rising geopolitical risks.
There is growing evidence that the inverse relationship between bullion and US real interest rates is faltering. This phenomenon happened on Monday, when gold prices increased along with US government bond yields.
Citigroup raised its 2024 gold price estimate to 2,350 USD/ounce and adjusted its 2025 gold price forecast to 2,875 USD. This happened after Goldman Sachs Group said that gold prices will increase continuously in the future, raising its year-end prediction to $2,700.
During the Asian session on April 16, gold prices recovered and are currently trading around $2,386.80.
On April 15, world gold prices adjusted slightly downward after US retail sales were higher than market expectations, however the upward momentum of XAU/USD returned early this morning and Currently the precious metal is trading around $2,386.80. If bearish momentum increases in the near term, support at $2,268 will come into view, with $2,233 lower.
The focus of the market today will be the speech of Fed Chairman Jerome Powell.
The anxiety underpinned gold's rally even as expectations for when the Fed would cut interest rates were pushed back. Instead, gold prices have been supported by other factors including strong buying by central banks, rising demand from Chinese consumers and rising geopolitical risks.
There is growing evidence that the inverse relationship between bullion and US real interest rates is faltering. This phenomenon happened on Monday, when gold prices increased along with US government bond yields.
Citigroup raised its 2024 gold price estimate to 2,350 USD/ounce and adjusted its 2025 gold price forecast to 2,875 USD. This happened after Goldman Sachs Group said that gold prices will increase continuously in the future, raising its year-end prediction to $2,700.
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SL 2400
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TP3 : 2390
TP4 : 2395
TP5 : 2400
SL 2360
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