Gold price remains confined in a multi-week-old range as bulls seem reluctant
Gold price attracts some safe-haven flows amid persistent trade-related uncertainties. Mixed Fed rate cut cues keep the USD depressed and further benefit the XAU/USD pair. The range-bound price action warrants some caution before placing fresh bullish bets.
In the Forex market, Gold functions as a currency. The particularity of Gold is that it is traded against the United States Dollar (USD), with the internationally accepted code for gold being XAU.
Known as a safe-haven asset, Gold is expected to appreciate in periods of market volatility and economic uncertainty. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. The United States is the country that holds the biggest resources of Gold in the world.
1 SUPPORT 3,323
2 SUPPORT 3,323
3 SUPPORT 3,295
1 RESISTANCE 3,370
2 RESISTANCE 3,393
Gold price attracts some safe-haven flows amid persistent trade-related uncertainties. Mixed Fed rate cut cues keep the USD depressed and further benefit the XAU/USD pair. The range-bound price action warrants some caution before placing fresh bullish bets.
In the Forex market, Gold functions as a currency. The particularity of Gold is that it is traded against the United States Dollar (USD), with the internationally accepted code for gold being XAU.
Known as a safe-haven asset, Gold is expected to appreciate in periods of market volatility and economic uncertainty. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. The United States is the country that holds the biggest resources of Gold in the world.
1 SUPPORT 3,323
2 SUPPORT 3,323
3 SUPPORT 3,295
1 RESISTANCE 3,370
2 RESISTANCE 3,393
Gold free signale
t.me/GoldsignalMark804
My Channel link
t.me/GoldsignalMark804
Check my performance
t.me/GoldsignalMark804
My Channel link
t.me/GoldsignalMark804
Check my performance
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Gold free signale
t.me/GoldsignalMark804
My Channel link
t.me/GoldsignalMark804
Check my performance
t.me/GoldsignalMark804
My Channel link
t.me/GoldsignalMark804
Check my performance
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.