Preloader
Sign In

Gold Prices Struggle for Momentum Amid Limited Asian Session Movement

In this morning’s Asian trading session, the gold market has shown relatively quiet behavior with a narrow trading range. The price of gold has seen minor adjustments due to cautious investor sentiment in the absence of significant news. Currently, the short-term resistance level at $2,517/oz is acting as a barrier to further price breakout.

Powell’s Remarks and Long-Term Impact:

Despite this, the overall market sentiment continues to be influenced by the recent remarks from Federal Reserve Chair Jerome Powell. Powell’s hint at a potential interest rate cut in September has fueled continued investor expectations for a strong upward trend in gold prices. It is important to note that the market may not have fully “digested” this information, and the idea that a potential rate cut would lead to a drop in gold prices is a misunderstanding. Any shift in expectations for a rate cut, especially if it involves a reduction of 50 basis points, will have a direct impact on gold prices. If the likelihood of a rate cut decreases, gold may face downward pressure. Conversely, if expectations rise, gold prices could continue to climb.

Market Factors and Other News:

Beyond monetary policy, gold may react strongly to unexpected global financial developments, particularly if concerns about an economic downturn resurface. However, geopolitical news such as hostage negotiations or minor border clashes between Israel and Hezbollah does not seem to significantly affect gold prices at this stage.

If tensions in the Middle East escalate and involve major countries like Iran or Lebanon, gold might receive strong support as investors seek safe havens. For now, the prevailing trend remains bullish, and positive factors are generally received more favorably than negative ones.

Daily Trading Strategy:

For today’s trading session, we anticipate gold will attempt to break through the resistance area of $2,520 – $2,522/oz and continue to rise. Therefore, a prudent strategy would be to focus on buying with the following target prices:

  • TP 1: $2,517/oz
  • TP 2: $2,520/oz
  • TP 3: $2,522 – $2,525/oz

📲 Stay updated with Livetrade Pro for the latest market insights and trading strategies. Download the Livetrade Pro app now.

👉 Sign up to receive exclusive offers and start trading efficiently with Livetrade Pro: https://invite.livetrade.finance/lYLsEuBa9

📞 For detailed support, contact us via the Livetrade Fanpage.

🔔 Follow our news updates channel: https://t.me/LivetradeProChannel

💬 Join our Telegram community: https://t.me/LiveTrade_chat

💬 Zalo group: https://zalo.me/g/kcryeq588

#MarketUpdate #GoldPrices #FEDInterestRates #LivetradePro #EconomicNews #TradingStrategy #Forex #TradingSignals #LivetradeApp #SignUpLivetradePro