Gold’s price (XAU/USD) slightly recovers from a two-day low of $2,380 in Thursday’s European session.
Gold ’s price hovers near $2,400 as the US Dollar and bond yields correct. The Fed is expected to cut interest rates by more than 100 bps this year. Investors await the US weekly jobless claims data. Gold ’s price slightly recovers from a two-day low of $2,380 in Thursday’s European session. The precious metal continues to hold ground due to expectations that the Fed eral Reserve will start reducing interest rates from the September meeting.
The Department of Labor is expected to show that individuals claiming jobless benefits for the first time were 240K, lower than the prior release of 249K. Technical Analysis: Gold price hovers near $2,400 Gold’s price trades in a channel formation on a daily timeframe, which is slightly rising but broadly exhibited a sideways performance for more than three months. The 50-day Exponential Moving Average near $2,370 continues to provide support to the Gold price bulls.
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