November 7, 2024
Tangible Assets

Gold (XAU) Daily Forecast: Struggles at $2,508, Will Bearish Trend Continue?


Delayed Israel-Hamas truce talks add geopolitical risks, potentially supporting gold prices. Traders are now focused on upcoming US economic data, including Weekly Jobless Claims and Existing Home Sales.

Gold Steadies Above $2,500 on Weak USD and Fed Rate Cut Speculation

Gold prices remain supported above $2,500, driven by a weakening US Dollar amid rising expectations of a Federal Reserve rate cut.

Although the USD has gained some momentum after a four-day losing streak, weaker-than-expected US job growth has fueled speculation that the Fed might reduce rates as early as September.

The July FOMC meeting minutes revealed broad support for a rate cut, pushing market expectations for a 50-basis-point reduction to 38%, up from 29% the day before.

Gold Rises Amid Israel-Hamas Conflict and Middle East Tensions

Ongoing conflict between Israel and Hamas continues to elevate gold prices as investors seek safety in the precious metal. Heightened tensions, including Israeli military advances in Deir el-Balah and a deadly attack on a Gaza school-turned-shelter, have fueled market caution.

Although U.S. President Joe Biden has urged Israeli Prime Minister Benjamin Netanyahu to agree to a temporary ceasefire, talks have stalled.



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