{"id":28687,"date":"2024-07-04T13:24:38","date_gmt":"2024-07-04T13:24:38","guid":{"rendered":"https:\/\/www.xtrememarkets.com\/?p=28687"},"modified":"2024-07-04T13:24:38","modified_gmt":"2024-07-04T13:24:38","slug":"gold-price-near-two-week-high-amid-upbeat-market-mood","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/gold-price-near-two-week-high-amid-upbeat-market-mood\/","title":{"rendered":"Gold Price Near Two-Week High Amid Upbeat Market Mood"},"content":{"rendered":"

Gold Price Near Two-Week High Amid Upbeat Market Mood<\/strong><\/h1>\n

During the Asian session on Thursday, the gold price (XAU\/USD) maintained a positive bias and remained just below the nearly two-week high reached the previous day. However, the strong bullish sentiment across global equity markets acted as a headwind for the safe-haven precious metal, particularly amid the relatively thin liquidity caused by the Independence Day holiday in the US. Traders appeared cautious and preferred to wait for the release of the closely-watched US Nonfarm Payrolls (NFP) report on Friday before making new directional bets.<\/span><\/p>\n

Despite this, the near-term outlook for gold seems favorable for bullish traders. There is a growing consensus that the Federal Reserve (Fed) will begin cutting interest rates this year, which should support the non-yielding gold price. This sentiment is reinforced by softer US macroeconomic data published on Wednesday and the minutes from the last Federal Open Market Committee (FOMC) meeting. The minutes revealed that most policymakers believe US economic growth is gradually cooling. This has strengthened the expectation that the Fed will lower borrowing costs in September and December, keeping the US Dollar (USD) bulls on the defensive and lending support to gold.<\/span><\/p>\n

In addition to these factors, persistent geopolitical risks continue to validate the positive outlook for gold. Ongoing conflicts in the Middle East, the prolonged Russia-Ukraine war, and political uncertainty in the US and Europe all contribute to the demand for safe-haven assets like gold. Furthermore, the overnight breakout through the 50-day Simple Moving Average (SMA) indicates that the path of least resistance for XAU\/USD is to the upside.<\/span><\/p>\n

The anticipation of the NFP report has made traders cautious, but the broader market sentiment leans towards a bullish trend for gold. Should the US employment data support the view of a slowing economy, it could further solidify expectations of Fed rate cuts, providing additional upward momentum for gold.<\/span><\/p>\n

In summary, while global equity market strength and cautious trading ahead of the NFP report may limit immediate gains, the overall outlook for gold remains positive. The combination of anticipated Fed rate cuts, ongoing geopolitical tensions, and technical indicators suggests that the gold price is likely to continue its upward trajectory in the near term.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold Price Near Two-Week High Amid Upbeat Market Mood During the Asian session on Thursday, the gold price (XAU\/USD) maintained a positive bias and remained just below the nearly two-week high reached the previous day. However, the strong bullish sentiment across global equity markets acted as a headwind for the safe-haven precious metal, particularly amid<\/p>\n... continue reading<\/a>.","protected":false},"author":1,"featured_media":28688,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18],"tags":[2570,297,168,29,35,407,157,295,2501,2313],"yoast_head":"\r\nGold Price Near Two-Week High Amid Upbeat Market Mood<\/title>\r\n<meta name=\"description\" content=\"During the Asian session on Thursday, the gold price (XAU\/USD) maintained a positive bias and remained just below the nearly two-week\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/US\/gold-price-near-two-week-high-amid-upbeat-market-mood\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Gold Price Near Two-Week High Amid Upbeat Market Mood\" 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