May 3 trading strategy
Updated
World gold prices decreased due to investors' psychology of market exploration, causing demand to become weaker, pulling gold prices back down to around 2,300.
World gold has dropped 5% from the record level of 2,431.29 USD/ounce set on April 12 in the context of tensions in the Middle East cooling down and expectations of the US cutting interest rates soon this year are growing. fading.
However, according to EverBank's President of World Markets Chris Gaffney, instability in the global economy, geopolitical tensions as well as developments related to this year's elections are still important factors. beneficial for gold prices.
Similarly, Abrdn Chief Strategy Officer Robert Minter said that as long as geopolitical tensions continue and economic policies continue to cause instability, gold will continue to serve as a foundation for growth. stable.
Robert Minter added that geopolitical instability not only boosts safe-haven demand for gold but also drives investors away from the USD.
World gold has dropped 5% from the record level of 2,431.29 USD/ounce set on April 12 in the context of tensions in the Middle East cooling down and expectations of the US cutting interest rates soon this year are growing. fading.
However, according to EverBank's President of World Markets Chris Gaffney, instability in the global economy, geopolitical tensions as well as developments related to this year's elections are still important factors. beneficial for gold prices.
Similarly, Abrdn Chief Strategy Officer Robert Minter said that as long as geopolitical tensions continue and economic policies continue to cause instability, gold will continue to serve as a foundation for growth. stable.
Robert Minter added that geopolitical instability not only boosts safe-haven demand for gold but also drives investors away from the USD.
Note
BUY XAU 2300 TP1: 2310
TP2: 2315
SL: 2294
Note
hit tp 1 + 100 pips
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