Despite intermittent volatility, gold remains highly sensitive to shifts in Fed policy and global risk headlines. Traders now look to Powell’s second-day remarks and Friday’s PCE inflation data for clues on future rate moves. The prospect of lower inflation and reduced safe-haven demand continues to weigh on gold’s short-term outlook. Meanwhile, the latest Fed comments
At 13:31 GMT, XAU/USD is trading $3358.24, down $12.14 or -0.36%. Federal Reserve Pushback on Rate Cuts Weighs on Gold The latest FOMC statement reinforced the Fed’s cautious stance, maintaining rates in the 4.25%–4.50% range. However, it also reduced the number of anticipated rate cuts this year, citing a challenging economic environment. Traders trimmed long
Moreover, the 2025 GDP growth outlook was lowered to 1.4% due to uncertain trade policies and economic challenges in the US and China. Meanwhile, unemployment is expected to rise to 4.5%. These projections reflect a cautious stance, maintaining tight monetary policy and limiting gold’s rally. The US Dollar Index rebounded from the 98 support level,
Yet the West is set to moderate, potentially capping gains. Weather-driven demand is clearly boosting bullish sentiment in the short term, but gains may hinge on whether elevated temperatures persist beyond the current forecast window. Will the EIA Storage Report Inject Volatility? Traders are bracing for potential volatility with the release of Wednesday’s EIA storage
Earnings Surprise Overshadowed by Steep Revenue Decline GameStop reported adjusted earnings of $0.17 per share for the quarter ended April 30, significantly outperforming Wall Street’s estimate of $0.04. This marks the company’s fourth consecutive quarterly profit. However, revenue fell 17% year-over-year to $732.4 million, missing analyst expectations of $754.2 million. Net income came in at
Will US CPI Data Trigger Silver Selloff? Wednesday’s Consumer Price Index report looms large for precious metals, with markets pricing roughly 50 basis points of Fed cuts by year-end. Gold’s technical picture offers key insights for silver traders, as XAU/USD defends crucial support above $3,310.48 while the dollar index holds steady below 99.00. A hotter-than-expected
Technically, momentum is pointing lower with the 200-day moving average the next target at $3.560. This is followed by a pair of main bottoms at $3.437 and $3.381. On the upside, gains are being capped by three tops at $3.791, $3.832 and $3.859. The most important resistance is the 50-day moving average at $3.900. Is
Daily Natural GasDespite a three-day slide, buyers appeared near the 200-day moving average, sparking intraday short-covering rallies. However, each bounce has been met with renewed selling interest, confirming a “sell the rally” pattern. Technical resistance remains layered between $3.791 and $3.859, but a true trend reversal would require a close above the 50-day moving average
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At 09:10 GMT, Light Crude Oil Futures are trading $63.07, up $0.22 or +0.35%. Saudi Price Cuts and OPEC+ Supply Moves Weigh on Sentiment Crude came under pressure midweek after Saudi Arabia reduced its July selling prices to Asia to the lowest in nearly two months. While the cuts were milder than expected, they reflect