Gold trades higher, seemingly impervious to the dollar’s strength and elevated US yields. Buoyed by safe haven appeal and central bank buying, XAU/USD uptrend persists
The international community watched on, hoping for a de-escalation which may be on the cards as Iran appears not to have any immediate plan to retaliate, according to a senior Iranian official – Sky News.
Nevertheless, gold prices spiked higher and as more detail emerged, eased throughout the morning. Later on in the day, gold appeared to revert back into its upward trajectory, looking to close the week higher for a fifth consecutive time. Gold trades above the 1.618%of the major 2020-2022 move and a weekly close above this level reinforces the solid uptrend and a retest of the all-time high and potentially another push higher, towards $2500.
There are a number of important data points next week including Australian CPI, EU flash PMI data and the Bank of Japan meeting but the most relevant data for gold, lies with the US GDP and PCE figures.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk.
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