What's happening in the markets? We've put together some of the most important news and events that may affect your trades in the near term.
Mixed factors in the market: can gold prices weather such conditions?
After buying gold for reserves for 18 months since 2022, China's central bank slowed the pace in April.
However, the Fed's Kashkari speech indicated a more hawkish stance, with fewer rate cuts expected and a potential hike if the inflation rate remains sticky.
At the same time, demand for gold slowed as the geopolitical risks receded.
XAUUSD bounced from the 2,300 USD per troy ounce support while maintaining its sideways move. However, the price has yet to show a more apparent direction.
If XAUUSD closes above 2,350 USD per troy ounce, the price may retest at 2,400 USD per troy ounce, opening the potential to re-record an all-time high.
On the contrary, XAUUSD may return to around the 2,200-2,250 USD per troy ounce zone if the price fails to stay above the 2,300 USD per troy ounce level.
We'll continue to keep you informed about current market trends and the drivers behind them. Stay tuned for more updates in the future.
Warm regards, The Exness Team
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