Gold prices have risen to a two-week high due to fresh US Dollar selling and increasing expectations of a Federal Reserve rate cut, which have kept US bond yields low. Market attention is on US jobless claims and the upcoming Nonfarm Payrolls (NFP) report. The Bank of Canada's rate cut and anticipated European Central Bank rate cuts further support the bullish trend for gold.
Mixed US economic data has strengthened the case for Fed rate cuts, lowering Treasury yields and boosting gold. Key technical levels to watch include resistance around $2,400 and support at $2,315-$2,314. Momentum above $2,364 could push prices higher, while a drop below $2,360 may find new buyers.
Source:
'Gold price jumps to two-week high on Fed rate cut hopes, softer US Dollar', FXSTREET , June 6, 2024
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