GOLD (June 9) surge as USDX sinks, U.S. Treasury yields slip
Gold and silver prices rose sharply in midday US trading on Thursday, driven by a sharp decline in the US dollar index and a decrease in US silver bond yields. The market is starting at zero for the Federal Reserve meeting next week.
Most of the market believes that the Fed will pause the interest rate tightening cycle. However, many market watchers now think that the US central bank will follow recent moves by the Bank of Canada. The BOC raised interest rates by an additional 0.25% this week after a four-month pause.
In other news, the Eurozone's first-quarter GDP has been revised down to -0.1% from the fourth quarter. Meanwhile, fourth-quarter GDP has been revised down to -0.1%. This means that technically the Eurozone has entered a recession in the first quarter, albeit only just.
Most of the market believes that the Fed will pause the interest rate tightening cycle. However, many market watchers now think that the US central bank will follow recent moves by the Bank of Canada. The BOC raised interest rates by an additional 0.25% this week after a four-month pause.
In other news, the Eurozone's first-quarter GDP has been revised down to -0.1% from the fourth quarter. Meanwhile, fourth-quarter GDP has been revised down to -0.1%. This means that technically the Eurozone has entered a recession in the first quarter, albeit only just.
✅Buy order in the $1,944-$1,947 price zone when the support zone is approached.
✖️Stoploss: $1,940.
✅Sell the $1,985-$1,982 range when the price hits the resistance area.
✖️Stoploss: $1,990.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!