Goolu Gba Ere Bullish Lagbara Titẹ Dovish Fed Economic Outlook

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Gold (XAU/USD) has shown stability above the $1,730 pivot level in the early European session as bears scramble to reclaim dominance amid resurgent US dollar demand.

The yellow metal capped its 3-days bull run at the $1,740 resistance level in the early Asian session on Thursday while a risk-off market sentiment brews and is reinforcing the safe-haven demand for the USD.

The budding risk-off sentiment was triggered by the grim US economic outlook foreshadowed by the US Fed Chair, Jerome Powell, as the apex bank remains dedicated to bond-buying and injecting stimulus to support the economy.

Despite the budding USD demand, the growing US-China and Australia-China tensions could continue to support gold’s safe-haven appeal as well. However, the dollar-denominated commodity is likely to remain under the influence of the USD price action and risks further price correction if the dollar risk-off sentiment gets stronger considering that there are more US macroeconomic data to be released, including the key US Continuing Jobless Claims Data.

XAUUSD - Iwe apẹrẹ ojoojumọ

Asọtẹlẹ Iye (Gold) (XAU) - Oṣu Karun ọjọ 11

XAU / USD Iyatọ nla: Bullish

Awọn ipele Ipese: $ 1,740, $ 1,753, ati $ 1,763

Awọn ipele eletan: $ 1,722, $ 1,710, ati $ 1,700

Gold has regained its bullish momentum and will likely continue riding on it in the near-term. The momentum to the upside looks very sustainable as it is the current ”path of least resistance.” A clean break and close above the $1,740-45 will likely cement this momentum further and could send the gold price closer to the long-awaited $1,800 level. Gold price will have to fall below $1,700 for this upward momentum to be negated.

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Azeez Mustapha

Azeez Mustapha jẹ alamọja iṣowo, oluyanju owo, olufihan awọn ifihan agbara, ati oluṣakoso owo pẹlu ọdun mẹwa ti iriri laarin aaye owo. Gẹgẹbi Blogger ati onkọwe iṣuna, o ṣe iranlọwọ fun awọn oludokoowo ni oye awọn imọran eto inọnwo ti ilọsiwaju, mu awọn ọgbọn idoko -owo wọn dara si, ati kọ ẹkọ bi o ṣe le ṣakoso owo wọn.

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