Gold (XAU/USD) continued to retreat from its all-time high hit the previous day and fell to $2,929 in the first half of the European session on Tuesday. In the absence of any fresh fundamental triggers, the intraday decline could be due to some profit-taking and is likely to remain limited. Concerns over the potential economic fallout from US President Donald Trump’s protectionist trade policies and their impact on the global economy could continue to act as a driver for safe-haven bullion.
Meanwhile, bets that the Federal Reserve (Fed) will cut interest rates further this year failed to support the US Dollar (USD) on its overnight rebound from its lowest since December 10. This could continue to support non-yielding Gold and help limit further losses. Therefore, it would be wise to wait for a strong sell-off to follow before confirming that XAU/USD has topped. Traders are now looking forward to US macroeconomic data and speeches from influential FOMC members for short-term momentum.
CANH SELL 2968-2970
SL: 2975
TP1: 2960
TP2: 2947
CANH BUY 2916-2918
SL: 2910
TP1: 2925
TP2: 2940
Stick to your strategy and always set TP, SL to keep your account safe!
Meanwhile, bets that the Federal Reserve (Fed) will cut interest rates further this year failed to support the US Dollar (USD) on its overnight rebound from its lowest since December 10. This could continue to support non-yielding Gold and help limit further losses. Therefore, it would be wise to wait for a strong sell-off to follow before confirming that XAU/USD has topped. Traders are now looking forward to US macroeconomic data and speeches from influential FOMC members for short-term momentum.
CANH SELL 2968-2970
SL: 2975
TP1: 2960
TP2: 2947
CANH BUY 2916-2918
SL: 2910
TP1: 2925
TP2: 2940
Stick to your strategy and always set TP, SL to keep your account safe!
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🪙 JOIN OUR FREE TELEGRAM GROUP 🪙
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️🥇 Exchange and learn market knowledge
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️🥇 Zalo Group: zalo.me/g/hydlwv957
t.me/tradingchampionschannelJoin the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
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️🥇 Zalo Group: zalo.me/g/hydlwv957
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.