GOLD: Assessing the Rebound and Bearish Signals
Our analysis on GOLD remains unchanged as we continue to anticipate a bearish setup. The current price action indicates a rebound occurring at the 50% and 61.8% Fibonacci levels, adding further weight to our bearish outlook.
From a fundamental perspective, Gold price (XAU/USD) witnessed a significant decline, approaching the $1,960.00 mark during the European session. However, the precious metal is attempting to regain stability amidst a minor sell-off, primarily driven by the recovery extension observed in the US Dollar Index (DXY).
In the broader market, S&P500 futures have sustained nominal gains from the Asian session into the London session. Investor sentiment appears upbeat as anticipation builds regarding the Federal Reserve (Fed) taking a cautious approach to interest rate policy in the upcoming June monetary policy meeting.
From a fundamental perspective, Gold price (XAU/USD) witnessed a significant decline, approaching the $1,960.00 mark during the European session. However, the precious metal is attempting to regain stability amidst a minor sell-off, primarily driven by the recovery extension observed in the US Dollar Index (DXY).
In the broader market, S&P500 futures have sustained nominal gains from the Asian session into the London session. Investor sentiment appears upbeat as anticipation builds regarding the Federal Reserve (Fed) taking a cautious approach to interest rate policy in the upcoming June monetary policy meeting.
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