Gold moved sideways after two days of decline as Middle East tensions cooled
Gold prices have continued to weaken in the Asian session on April 24 after recovering slightly in the US session yesterday thanks to US PMI data and currently XAU/USD is trading around $2,320.
Gold prices have now adjusted slightly and are currently trading around $2,320 after rebounding to $2,330 thanks to the weakening of the USD. Although gold prices are still supported by geopolitical risk concerns in the Middle East, gold's upward momentum seems to have weakened.
The price's current resistance lies at $2,350. If buyers successfully push the price through this zone, the $2,400 threshold will be within sight.
The market is now shifting focus back to US monetary policy. The PCE index - the Fed's preferred inflation gauge expected to be released on Friday - is forecast to remain stubborn in March, reinforcing the case for a delay in interest rate cuts, a thorn'' for gold because gold is not profitable.
Gold prices have continued to weaken in the Asian session on April 24 after recovering slightly in the US session yesterday thanks to US PMI data and currently XAU/USD is trading around $2,320.
Gold prices have now adjusted slightly and are currently trading around $2,320 after rebounding to $2,330 thanks to the weakening of the USD. Although gold prices are still supported by geopolitical risk concerns in the Middle East, gold's upward momentum seems to have weakened.
The price's current resistance lies at $2,350. If buyers successfully push the price through this zone, the $2,400 threshold will be within sight.
The market is now shifting focus back to US monetary policy. The PCE index - the Fed's preferred inflation gauge expected to be released on Friday - is forecast to remain stubborn in March, reinforcing the case for a delay in interest rate cuts, a thorn'' for gold because gold is not profitable.
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