Gold rises as markets eye lower interest rates, higher Chinese demand

📆 5/6/2024 9:57 AM
📰 FXStreetNews

⏱ Reading Time:
25 sec. here
6 min. at publisher
📊 Quality Score:
News: 27%
Publisher: 72%

Gold News

XAUUSD,SEO,Technical Analysis

The Gold price (XAU/USD) is trading up by almost a percent, in the $2,320s on Monday, as markets weigh the implications of weaker-than-expected US jobs data on interest rates – a key driver of Gold price – and economic data from China, a major market for Gold, stays in expansive territory.

Gold price rises as markets increase their bets of interest rates coming down in the US. The Chinese Caixin services PMI data remains in expansive territory, supporting the outlook for a key market for Gold. Central bank buying of Gold remains strong in March, according to the World Gold Council.

A decisive break would be one characterized by a longer-than-average green candlestick that pierces above the range ceiling, and closes near its high; or three green candlesticks in a row that pierce above the respective level. Unfinished Measured Move Gold price is potentially unfolding a bearish Measured Move price pattern which began on April 19. Measured Moves are zig-zag type patterns composed of three waves labeled A, B and C, with C usually equalling A or a Fibonnaci 0.681 of A.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Gold Price Forecast: XAU/USD needs to reclaim $2,340 for a sustained recoveryGold price is consolidating Wednesday’s rebound in Asian trading on Thursday, as buyers await more employment and wage inflation data from the United States (US) for fresh trading impetus.
Source: FXStreetNews - 🏆 14. / 72 Read more »