Gold is increasingly leaving a milestone of 2400 USD
Hello everyone, it's Brian here.
Today, gold experienced a modest decline after failing to sustain its recent rally despite a drop in U.S. Treasury yields and a weaker U.S. dollar. The XAU/USD pair struggled to capitalize following the release of weaker-than-expected global PMI data from S&P, sparking speculation about a potential Fed rate cut come September.
From a technical analysis standpoint: The precious metal has broken away from the $2,400 level with a decisive breakout below the $2,350 support, quickly heading towards the psychological mark of approximately $2,300 after lacking momentum from the interest rate announcements. The 34 and 89 EMA lines are showing signs of a reversal, and we will continue to prioritize selling in today’s session.
Today, gold experienced a modest decline after failing to sustain its recent rally despite a drop in U.S. Treasury yields and a weaker U.S. dollar. The XAU/USD pair struggled to capitalize following the release of weaker-than-expected global PMI data from S&P, sparking speculation about a potential Fed rate cut come September.
From a technical analysis standpoint: The precious metal has broken away from the $2,400 level with a decisive breakout below the $2,350 support, quickly heading towards the psychological mark of approximately $2,300 after lacking momentum from the interest rate announcements. The 34 and 89 EMA lines are showing signs of a reversal, and we will continue to prioritize selling in today’s session.
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