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Repost from N/a
⚜️ Gold Analysis Today⚜️
👉 Support = 2490
👉 Resistance = 2532
👉 Trend = Flat
👉 Keep eyes on Fundamental news, because any time unexpected change possible
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Oil prices continued to rise 0.5 percent to $ 79.39 a barrel on Monday amid fears a major outbreak of fighting over the Gaza conflict into the Middle East could disrupt regional oil supplies as cuts slow. The approaching US interest rates have weighed on the outlook for global economic demand and fuel demand.
In one of the biggest clashes in more than 10 months of border warfare, Hezbollah fired hundreds of rockets and drones into Israel on Sunday as the Israeli military said it had attacked the country. Lebanon with about 100 aircraft to prevent larger attacks.
"Expectations of a easing of monetary policy have fueled sentiment across commodity levels," ANZ analysts said in a note, adding that it expects the Fed to implement further interest rate cuts.
Still, oil prices fell last week due to a weak outlook for key economies weighed on fuel demand, the bank added.
The U.S. Department of Energy said Friday it has bought nearly 2.5 million barrels of oil to help replenish strategic oil reserves.
2 826
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Gold rose 1.15 percent to $2,511.91 an ounce as the dollar and Treasury yields weakened after Fed Chairman Jerome Powell signaled a rate cut in September.
"The time has come" for the U.S. Federal Reserve to cut interest rates and inflation has reached the Fed's 2% target, providing a clear endorsement of upcoming policy easing, Powell said.
"The asset market is responding to Powell, at least initially, but some open-minded commentators say it's time to adjust policy," said Tai Wang, a New York-based independent metals trader. "Gold prices will continue to rise ahead of the September Fed meeting and an updated point plan that will indicate the numbers likely to be cut this year."
Traders expect a 67.5% chance of a 25 basis point cut in September, while 32.5% expect a deeper cut of 50 bps.
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Repost from N/a
Today Gold Trading Plan
We will also look for buy trades in the market today, as today is the last day of the week so we have to trade safely.
Today all investors will be waiting for news from Fed Chair Powell Speaks. Until then, the market is likely to move technically.
Thank you ❤️
2 826
Repost from N/a
⚜️ Gold Analysis Today⚜️
👉 Support = 2470
👉 Resistance = 2510
👉 Trend = Negative & Volatile
👉 Keep eyes on Fundamental news, because any time unexpected change possible
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