Gold Analysis: Future of the $2400 Peak – 08 August 2024
-- Gold prices gained momentum to trade above
-- Furthermore, the decline in weekly volatility allowed dovish
-- Futures contracts currently reflect a broad consensus that the central bank is set to cut US interest rates by 100 basis points over the three remaining decisions this year, reducing the opportunity cost of holding non-yielding precious metals and driving up gold prices.
Meanwhile, ongoing concerns about escalating geopolitical tensions in the
On the stock exchanges front, US stocks rose for a second straight day. According to trading, US stocks rose for a second straight day on Wednesday, with the S&P 500 rising 1.2%, the Nasdaq adding 1.8% and the Dow Jones Industrial Average rising about 220 points, after Monday’s worst selloff in two years. Traders continue to digest the economic and monetary outlook, while refocusing on earnings reports. Meanwhile, the
Influencing the gold market, the US Dollar Index (DXY) rose to about 103.2, continuing its gains from the previous session as traders backed off bets on an emergency rate cut from the
However, analysts suggested that the recent global selloff may be an overreaction, with
According to electronic trading, the US dollar strengthened against the yen and the euro. Although, it lost some ground against the kiwi and the Australian dollar.
Another factor impacting the gold market, the yield on the US 10-year
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Gold Price Forecast and Analysis Today:
The general trend for gold prices will remain up and the psychological resistance of
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EUR/USD Analysis: Bears Prepare to Regain Control – 08 August 2024
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