Monday’s Asian session sees the price of gold trading down. The Fed’s hawkish comments and mounting rumors that it may postpone its easing plans have strengthened the dollar and depreciated gold pegged in US dollars.
The price of gold is gradually declining today. However, the yellow metal’s bullish posture is unwavering as it maintains its position above the significant 100-day Exponential Moving Average (EMA) on the four-hour chart. The 14-day Relative Strength Index (RSI), which is currently in the positive zone at 63.50 and indicates that further gain appears favorable, supports the upward trend.
On May 10, the price of $2,378 will be the first upside hurdle for XAU/USD, which will lead to the psychological $2,400 level. A clean break above this level may pave the way for a rally to the next significant resistance level, which is located close to the all-time high at $2,432, and eventually to $2,500.
The 100-period EMA and the resistance-turned-support level are converging at $2,325 to become the main support level on the downside. The next concern level is situated around $2,281, which is close to a low from May 2.
Fundamental Overview
Monday’s Asian session sees the gold price (XAU/USD) trading down. The Federal Reserve’s (Fed) hawkish comments and mounting rumors that the Fed may postpone its easing plans have strengthened the greenback and depreciated gold priced in USD. In the short run, precious metals are expected to be supported by indications of economic weakness and persistent geopolitical tensions in the Middle East.
On Monday, gold dealers will be watching the Fed’s Jefferson and Mester speeches. Retail sales, the Producer Price Index (PPI), and the US Consumer Price Index (CPI) will be the main topics of discussion later this week. Should the economic statistics be better than anticipated, this might put a dent in the prospect of a rate decrease by the Fed and increase selling pressure on the XAU/USD pair.
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The Price of Gold is Down, With all Eyes on Fedspeak
Monday’s Asian session sees the price of gold trading down. The Fed’s hawkish comments and mounting rumors that it may postpone its easing plans have strengthened the dollar and depreciated gold pegged in US dollars.
The price of gold is gradually declining today. However, the yellow metal’s bullish posture is unwavering as it maintains its position above the significant 100-day Exponential Moving Average (EMA) on the four-hour chart. The 14-day Relative Strength Index (RSI), which is currently in the positive zone at 63.50 and indicates that further gain appears favorable, supports the upward trend.
On May 10, the price of $2,378 will be the first upside hurdle for XAU/USD, which will lead to the psychological $2,400 level. A clean break above this level may pave the way for a rally to the next significant resistance level, which is located close to the all-time high at $2,432, and eventually to $2,500.
The 100-period EMA and the resistance-turned-support level are converging at $2,325 to become the main support level on the downside. The next concern level is situated around $2,281, which is close to a low from May 2.
Fundamental Overview
Monday’s Asian session sees the gold price (XAU/USD) trading down. The Federal Reserve’s (Fed) hawkish comments and mounting rumors that the Fed may postpone its easing plans have strengthened the greenback and depreciated gold priced in USD. In the short run, precious metals are expected to be supported by indications of economic weakness and persistent geopolitical tensions in the Middle East.
On Monday, gold dealers will be watching the Fed’s Jefferson and Mester speeches. Retail sales, the Producer Price Index (PPI), and the US Consumer Price Index (CPI) will be the main topics of discussion later this week. Should the economic statistics be better than anticipated, this might put a dent in the prospect of a rate decrease by the Fed and increase selling pressure on the XAU/USD pair.
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The process of creating new Bitcoin tokens or coins is called mining. With the right software, appropriate gadgets, and an internet connection, it is very different from the labor of
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