XAU moves sideways after news in the middle east
Updated
The possibility of a US interest rate cut in June - a recovery scenario at the beginning of the year - has become slim in the past few weeks, with the market swap now only 16%. Reassuringly, some traders have posited that the Fed will not cut interest rates this year.
Gold is still up about 17% since mid-February, despite signs that the Fed's much-anticipated policy turnaround will be delayed. Instead, it is supported by a possible political rally, a surge in buying activity by China's central banks and retailers.
Gold trades at par at $2,321.53 per ounce.
Gold is still up about 17% since mid-February, despite signs that the Fed's much-anticipated policy turnaround will be delayed. Instead, it is supported by a possible political rally, a surge in buying activity by China's central banks and retailers.
Gold trades at par at $2,321.53 per ounce.
Comment
BUY XAU 2318 - 2315TP1: 2328
TP2: 2338
SL: 2306
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