Commodities Analysis by Fawad Razaqzada covering: USD/JPY, USD/CHF, XAU/USD, US Dollar Index Futures. Read Fawad Razaqzada's latest article on Investing.com
Market turbulence caused currency gains and declines in bond yields and stocks, affecting gold prices.
This anomaly was probably due to the continued sell-off in stocks, which forced the liquidation of leveraged long trades, negatively impacting gold. However, the downside appears limited, and new all-time highs are still within reach, given the unfavorable macro environment for the US dollar.data rounded off a week characterized by weaker US economic figures, a slightly less dovish Federal Reserve than expected, and a surprisingly hawkish Bank of Japan.
The services PMI is expected to rebound to 51.3, indicating expansion, after a surprising drop to 48.8 last month. The previous contraction was driven by a slump in business activity and new orders, contracting for the first time since May 2020. A few short-term support levels to watch on gold include $2410/15 area, previously support and resistance, following by the bullish trend line coming around $2400 area and then $2360.Overall, gold’s outlook remains positive despite being unable to rally to a new all-time high on Friday. Traders should closely monitor the ongoing unwinding of carry trades as well as economic indicators this week, including Fed speeches, as these will play crucial roles in shaping gold prices.
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