Head Topics

Gold corrects back after US data shows pessimism mixed with inflation fears

  • 📰 FXStreetNews
  • ⏱ Reading Time:
  • 24 sec. here
  • 6 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 72%

Gold News

XAUUSD,SEO,Technical Analysis

Gold price (XAU/USD) corrects back, falling a half a percent to the $2,340s on Monday after US Consumer Sentiment data suggested interest rates may remain higher for longer, reducing Gold’s attractiveness as a non-yielding asset.

Gold falls after US Consumer Sentiment data shows a sharp decline in optimism and higher inflation expectations. Higher inflation could keep interest rates elevated, reducing the attractiveness of non-yielding Gold . Uptrending XAU/USD corrects back and puts pressure on a key support level.

Technical Analysis: Gold price corrects sharply back Gold price is correcting back after its rally at the start of May. The Relative Strength Index momentum indicator moved into neutral territory during the US session on Friday after being overbought, giving a sell signal, and price responded accordingly. Gold has reached a major support level from previous highs at $2,350, which it is attempting to pierce through. If it is successful it could continue to fall.

Source: Loan Digest (loandigest.net)

XAUUSD SEO Technical Analysis Fundamental Analysis

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 14. in US

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.

Gold price trades on a negative note, eyes on FedspeakGold price (XAU/USD) loses its recovery momentum on Monday during the Asian session.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Gold price rebounds on downbeat NFP data, softer US DollarGold price (XAU/USD) snaps the two-day losing streak during the Asian session on Monday.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Gold Price Forecast: XAU/USD extends the rally near $2,360 amid geopolitical risksThe gold price (XAU/USD) extends its upside near $2,360 on Monday during the early Asian trading hours.
Source: FXStreetNews - 🏆 14. / 72 Read more »

XAU/USD Weekly Forecast: Gold resumes rally amid fresh rate cut hopesSpot Gold price (XAU/USD) heads into the weekly close posting solid gains and changing hands at around $2,360 a troy ounce.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Gold rallies on haven appeal and expectations of lower interest ratesGold price (XAU/USD) trades almost a percentage point higher in the $2,360s on Friday.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Gold price extends the rally despite hawkish FedspeakGold price (XAU/USD) gains momentum on Friday despite the modest rebound in US Dollar (USD).
Source: FXStreetNews - 🏆 14. / 72 Read more »