Gold trades with a soft tone on Thursday, hovering around the $2,380 level at the time being after peaking earlier in the day at $2,397.34.
XAU/USD Current price: $2,379.65 The US Dollar shed ground in the American session on dismal United States data. Wall Street maintains a positive tone amid fresh hopes for Fed rate cuts XAU/USD corrected from near $2,400, seems ready to resume its advance. The US Dollar recovered some ground throughout the first half of the day after falling to fresh multi-week lows against major rivals following the release of discouraging United States data on Wednesday.
Wall Street shrugged off the negative headlines, and the three major indexes trade in the green, although gains are modest. Speculative interest somehow believes negative figures could speed up the Fed’s decision to cut interest rates, retaining optimism. XAU/USD short-term technical outlook The XAU/USD pair is marginally lower on a daily basis, but the overall stance is bullish.
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