Gold prices hit a new all-time high (ATH) during Tuesday's North American session due to a deterioration in Consumer Confidence in the United States (US), according to data provided by the Conference Board.
Gold hits a new ATH of $2,655 amid declining US Consumer Confidence and weakening US Dollar, XAU/USD trades at $2,651. Fed Governor Michelle Bowman signals a cautious approach to rate cuts. Geopolitical tensions in the Middle East also fuel safe-haven demand for Gold , driving the precious metal to new heights.
XAU/USD technical outlook: Gold poised for further gains before retreating The XAU/USD is upwardly biased, set to print continued record highs, even though the rally seems overextended, with traders eyeing the $2,700 figure. Momentum favors buyers even though the Relative Strength Index has turned overbought. Hence, buyers should be wary that a pullback might be on the cards. If XAU/USD extends its rally, traders could test $2,675, followed by $2,700.
XAUUSD Fundamental Analysis Technical Analysis SEO
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Consumer Confidence Shows Increased Optimism But Concerns LingerAugust's consumer confidence index reading from the Conference Board showed a slight increase in confidence.
Read more »
Gold Hit New ATH on Friday, Bitcoin Did Not: Which Has Performed Better in 2024?Crypto Blog
Read more »
Gold Bulls Defy Volatility as Support Holds Strong - All Eyes on the ATH TestCommodities Analysis by Fawad Razaqzada covering: XAU/USD, US Dollar Index Futures, Gold Futures. Read Fawad Razaqzada's latest article on Investing.com
Read more »
Australian Dollar continues to lose ground after Westpac Consumer ConfidenceThe AUD/USD pair extends its losses for the third successive day following the downbeat Westpac Consumer Confidence from Australia released on Tuesday.
Read more »
This Week: Consumer confidence, new U.S. home sales, tracking GDPThe Conference Board issues its monthly index of U.S. consumer confidence Tuesday. The Commerce Department releases its latest tally of new U.S. home sales Wednesday and its final estimate of second-quarter U.S. economic growth Thursday.
Read more »
September consumer confidence falls the most in three yearsThe Conference Board’s Consumer Confidence Index slid to 98.7, down from 105.6 in August, the biggest one-month decline since August 2021.
Read more »