Gold drivers dissipate with no notable escalations in Eastern Europe or the Middle East, while US data fails to fully support rate cut expectations
Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.52% Silver...Gold remains within a downtrend since declining from the all-time-high, the shorter-term rise looks to be contained
Gold is a non-yielding asset meaning investors tend to view it more favourably when interest rates are heading lower. Lower interest rates lowers the opportunity cost of holding gold and therefore makes it more attractive.low at the start of the month but the broader downtrend remains intact. Prices have headed lower, in a choppy fashion, since the all-time-high at $2,450 after negative divergence reared its head and hinted at a period of lower prices.
In recent times gold drivers have dissipated. There have been no notable escalations in either eastern Europe or the Middle East and US data has failed to provide a favourable environment for rate cuts. To the downside, gold bears will be eying the swing low at $2,287 and $2,287 which could act as a tripwire for an extended move lower.Discover the power of crowd mentality.
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