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Technical Analysis:
#Gold stabilized this week but remained well below its #recordhigh , weighed down by a hawkish #Fed and #safehaven outflows. However, strong #centralbank buying may keep further declines in check.
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ฐ๐ ๐ก๐
โก๐ฅโก Gold under pressure as rate cut hopes fade: what's next?
Gold prices are trading near a four-week low. Discover the factors driving this downtrend in our detailed breakdown below ๐
๐ต Key takeaways
โข Events. Gold is hovering around $3,980 per ounce. The U.S. private payrolls rose by 42,000 in October, and the ISM Services PMI hit an eight-month high. These figures leave less room for rate cuts, weakening gold's appeal ๐
โข Possible outcome. Investors are scaling back bets on U.S. rate cuts after stronger-than-expected U.S. economic data โค๏ธ If risk sentiment continues to improve, gold could face more downward pressure.
๐ช Tip for traders
Watch the U.S. economic data and Federal Reserve statements. If the trend of stronger data continues, gold could struggle to rise, while the U.S. dollar may gain strength.
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Guru Nanak Gurpurab also known asย Guru Nanak Prakash Utsav andย Guru Nanak Jayanti celebrates the birth of the firstย Sikh guru,ย Guru Nanak.ย One of the most celebrated and important Sikh gurus and the founder of Sikhism, Guru Nanak is highly revered by the Sikh community.
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