SHINOBI - XAUUSD: Gold is trending up slightly
World gold price today
Global gold prices fell slightly this morning, with spot gold falling $7.6 to $1,906.8 an ounce. December gold futures traded at $1,944 an ounce, down $2.6 from the previous day.
Gold futures prices in December hit a five-month low early in the week, pressured by a stronger dollar. Earlier today, the US Dollar Index, which measures US dollar volatility, surged above 103 points, undermining the attractiveness of gold for buyers in other currencies. Gold bulls also become dovish when gold technicals are falling. Global yellow metals posted heavy losses for the second week in a row last week as markets received a flood of data indicating that while the economy and markets were healthy, inflation remained a concern. Strong economic data have also raised hopes that the world's major economies will emerge from recession and achieve a soft-landing scenario.
Against this backdrop, the market continues to see the possibility of the US Federal Reserve (Fed) continuing its aggressive monetary tightening stance to achieve its inflation target.
In a recent report, Goldman Sachs' economics team predicted that the Fed would cut rates in the second quarter of 2024, regardless of whether the economy entered a recession or not. But these bankers warn that if inflation doesn't cool off quickly enough, interest rates could remain stable for the foreseeable future.
XAUUSD BUY 1904 - 1906
TP1: 1910
TP2: 1915
SL: 1900
Global gold prices fell slightly this morning, with spot gold falling $7.6 to $1,906.8 an ounce. December gold futures traded at $1,944 an ounce, down $2.6 from the previous day.
Gold futures prices in December hit a five-month low early in the week, pressured by a stronger dollar. Earlier today, the US Dollar Index, which measures US dollar volatility, surged above 103 points, undermining the attractiveness of gold for buyers in other currencies. Gold bulls also become dovish when gold technicals are falling. Global yellow metals posted heavy losses for the second week in a row last week as markets received a flood of data indicating that while the economy and markets were healthy, inflation remained a concern. Strong economic data have also raised hopes that the world's major economies will emerge from recession and achieve a soft-landing scenario.
Against this backdrop, the market continues to see the possibility of the US Federal Reserve (Fed) continuing its aggressive monetary tightening stance to achieve its inflation target.
In a recent report, Goldman Sachs' economics team predicted that the Fed would cut rates in the second quarter of 2024, regardless of whether the economy entered a recession or not. But these bankers warn that if inflation doesn't cool off quickly enough, interest rates could remain stable for the foreseeable future.
XAUUSD BUY 1904 - 1906 TP1: 1910
TP2: 1915
SL: 1900
Note
RUNNING +30PIPSNote
Technically, the bears have the overall near-term technical advantage. The price is in a 3-week downtrend on the daily bar chart. The bulls' next upside objective is to produce a close above solid resistance at $2,000 an ounce. The bears' next near-term downside downside objective is to push futures prices below solid technical support at $1,900 an ounce.
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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.