XAUUSD: $2424 in 2024: once again! I had projected $2424 in 2024 on 29 January 2024, which was well achieved on 12 April 2024: read the analysis and review here.
GOLD back to $2424 zone, as alerted by us in advance yesterday at 11.00 AM in our LIVE ANALYSIS FEED GROUP.
Gold price (XAU/USD) is trading higher on Friday, in the $2,400s, helped by positive data from China that brightened the prospects for the country with the world’s largest market for Gold.
Gold’s price skyrocketed during the North American session ahead of the weekend as XAU/USD traded above $2,400, posting gains of more than 1.5% amid higher US Treasury bond yields. The non-yielding metal extended its advancement and threatened to crack the all-time high of $2,431.
A lower April inflationary reading in the United States (US) sponsored Gold’s leg up above the $2,400 mark, although US Treasury yields climbed. However, the Greenback is battered across the board and tumbled some 0.03%, according to the US Dollar Index (DXY), standing at 104.45.
That revived speculation that the Federal Reserve (Fed) could lower rates in 2024. However, Fed officials stressed that one positive read for inflation is not enough with most regional Fed presidents maintaining a cautious stance.
According to the fed funds rate December 2024 futures contract, expectations that the Fed would lower rates dropped from 36 basis points (bps) to 35 bps toward the end of the year.
#XAUUSD #PiyushRatnu #PRDXB #Forex
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