Gold price (XAU/USD) reverses an intraday dip to the $1,990 area and climbs to a fresh daily peak during the early part of the European session. The precious metal, however, remains below the $2,000 psychological mark amid expectations that the Federal Reserve (Fed) will keep the door open for one additional rate hike in 2023 to bring inflation back to its 2% target. The hawkish outlook remains supportive of elevated US Treasury bond yields, which helps revive the US Dollar (USD) demand and might cap the non-yielding yellow metal.
Apart from this, Israel's more measured approach to its incursion into Gaza has eased fears about a broadening crisis in the Middle East and further undermines the safe-haven Gold price. That said, the risk of a further escalation in the Israel-Hamas conflict remains, which, along with the uncertainty over the economic recovery in China, assists the XAU/USD in attracting some dip-buying near the $1,990 region. The emergence of some dip-buying, meanwhile, warrants some caution before positioning for any meaningful corrective decline GOLD BUY : 1998
TP. : 2008
TP. : 2015
TP. : 2025
Apart from this, Israel's more measured approach to its incursion into Gaza has eased fears about a broadening crisis in the Middle East and further undermines the safe-haven Gold price. That said, the risk of a further escalation in the Israel-Hamas conflict remains, which, along with the uncertainty over the economic recovery in China, assists the XAU/USD in attracting some dip-buying near the $1,990 region. The emergence of some dip-buying, meanwhile, warrants some caution before positioning for any meaningful corrective decline GOLD BUY : 1998
TP. : 2008
TP. : 2015
TP. : 2025
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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.