Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

XAU/USD Maintains Focus on $1,683

Share On Facebook
share on Linkedin

Gold appears to be putting an end to its downtrend. This is happening as the subdued United States Treasury yield provided some assistance. The United States Dollar rebounds strongly during a cautious market sentiment on Mid-term Election Day. Gold bulls stay optimistic as strong support lies at the $1,660 price level.

XAU/USD price recently obtained a base near the $1,665 price level. This happened as investors monitored the United States Mid-term Election Day. The indecision surrounding the United States Fed coming rate increase move before Thursday’s crucial CPI from the United States continues to restrain the strengthening of the USD. Thus, this assisted the Gold to stage its rebound.

XAU/USD Maintains Focus on $1,683

More Details on the Headline
The Market is at the moment considering a 55% chance of Federal Reserve dictating a 50 basis points rate increase, come next policy meeting.

At the same time, increasing coronavirus-linked worries in China, and its effect on the economic growth reduce the confidence of investors. The result of the United States Mid-term Election may as well exert some transient influence on the market mood. Subsequently, this will affect the XAU/USD.

Learn from market wizards: Books to take your trading to the next level

Click Here to register for free on Investors Hub

This area of the site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of Investors Hub. Investors Hub does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at Investors Hub is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.

Comments are closed