Gold Price Forecast: XAU/USD rebounds at the 100-day SMA following US economic data XAUUSD Gold
$1,940 zone. This increase was triggered by the release of disappointing ISM Services PMI data for May, which fueled aUS yields decline across the board after disappointing US data
The US Institute for Supply Management reported a Service PMI of 50.3 in May, falling short of the expected 51.5 and down from 51.9 the previous month. Furthermore, the S&P Global Composite final estimate for the same month declined to 54.3, lower than the anticipated 54.5, following the previous reading of 55.1. Meanwhile, the final revision of the service sector PMI came in at 54.9, slightly lower than the preliminary reading of 55.1.
Following the release, investors are perceiving a stronger case of a no-hike by the Federal Reserve in the June 13-14 meeting. In that sense, the CME FedWatch Tool indicates there is a higher likelihood of the Fed not raising interest rates in their upcoming June, with expectations of maintaining the target rate at 5.25%.were reflected in the drop of the US bond yields. The 10-year bond yield is trading at 3.67%, while the 2-year yield stands at 4.50% and the 5-year yield sits at 3.85%.
If the XAU/USD continues to move higher, the next resistances to watch are at the $1,960 zone, followed by the 20-day Simple Moving Average at $1,977 and the $1,990 area. On the other hand, supports are seen at the 100-day SMA at $1,940, and then the $1,930 and $1,920 zones.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Gold Price Forecast: XAU/USD trades just above $1,940, flirts with 100-day SMA supportGold price edges lower for the second successive day on Monday and remains depressed through the first half of the European session. The XAU/USD is cu
Leer más »
Gold Forecast: Uncertainty in the Gold MarketThe gold futures market began with an initial attempt to break above the $2000 mark, only to reverse direction and demonstrate negative tendencies.
Leer más »
Gold Price Forecast: XAU/USD downside appears difficult even as US NFP favors Fed hawksGold Price (XAU/USD) bears the burden of fresh hawkish Federal Reserve (Fed) calls, especially after the strong United States Nonfarm Payrolls (NFP),
Leer más »
Gold Price Forecast: XAU/USD bears approach $1,930 support on upbeat US Dollar, firmer yieldsGold Price (XAU/USD) stays on the bear’s radar for the second consecutive day as the precious metal renews intraday low near $1,945, extending the pos
Leer más »
Gold Price Forecast: XAU/USD finds short-term cushion above $1,940, more downside looks solidGold price (XAU/USD) has found an intermediate support of around $1,943.00 in the early European session. The downside in the precious metal has inter
Leer más »
Gold Price Forecast: XAU/USD attempts recovery from $1,940 ahead of US Services PMIGold price (XAU/USD) has defended its downside after a fresh four-day low around $1,940.00 in the New York session. The precious metal is expected to
Leer más »