Welcome to Extreme Investor Network, where we provide you with unique insights and valuable information on all things related to the stock market, trading, and Wall Street. Today, we are discussing the daily movement of Gold (XAU/USD) and how it is impacting investors’ decisions.
Gold prices saw a slight decrease on Friday, but they are still poised to record a third consecutive quarterly gain. This stability in the market comes after a crucial U.S. inflation report that met expectations, leading to speculations of a Federal Reserve rate cut by September. Additionally, the decrease in U.S. Treasury yields has made gold more appealing to investors, further supporting its price.
Currently, Gold is trading at $2,327.53, with a minor decrease of 0.01%. The 50-day SMA at $2,337.58 is acting as a resistance level, while key support levels are situated at $2,305.35 and $2,294.30. On the other hand, resistance levels can be found at $2,390.93 and $2,401.88. The 14-day RSI at 49.47 suggests neutral momentum in the market.
Investors are closely monitoring whether gold can maintain its position above $2,305, as this could potentially lead to a bullish trend and a retest of resistance levels. With the current market conditions and the likelihood of a September rate cut, it is important to stay informed and make strategic decisions to maximize your investment opportunities.
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