Gold consolidates around $2300 level
Despite a stronger US dollar and higher US Treasury rates, gold recovers from recent losses thanks to Chinese market demand. Gold prices got support around $2305 and prices have reversed and it is expected that prices will be consolidating between $2300-2350.
4/29/20241 min read
Gold consolidates around $2300 level
Fundamental News and Triggers
Despite a stronger US dollar and higher US Treasury rates, gold recovers from recent losses thanks to Chinese market demand.
US durable goods orders showed strength, although later in the year Fed rate decreases are now anticipated. The majority of market investors believe that the Fed funds rate will be dropped for the first time in September 2024, therefore expectations of a rate cut by the Federal Reserve in June or July have evaporated.
Technical Triggers
Gold prices got support around $2305 and prices have reversed and it is expected that prices will be consolidating between $2300-2350.
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