Gold has been popular with buyers despite frustrating bears in recent days.
The PMI has helped the XAU/USD maintain momentum, even with a 40% chance of a 25 bps rate hike by the Fed in June.
This hike could discourage Gold buyers. If the Gold buyers remain in control, Gold could reach $1,990 or even $2,000.
Immediate support will be found if the previous day's low of $1,954 is breached, followed by a test of the psychological level of $1,950.
I would consider buying gold 1949-1952
Do you think gold will continue to go up?
The PMI has helped the XAU/USD maintain momentum, even with a 40% chance of a 25 bps rate hike by the Fed in June.
This hike could discourage Gold buyers. If the Gold buyers remain in control, Gold could reach $1,990 or even $2,000.
Immediate support will be found if the previous day's low of $1,954 is breached, followed by a test of the psychological level of $1,950.
I would consider buying gold 1949-1952
Do you think gold will continue to go up?
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The US junk bond market worth $1.4tn has maintained its strength despite fears of a recession and rising interest rates. This is due to the scarcity of supply.
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It can be confirmed that the possibility of America defaulting on its debt has been eliminated. The main hindrance was the Republican-controlled US House of Representatives, but they ultimately voted in favor of raising the US debt ceiling. The decision will now move to the Democrat-controlled Senate, where it is expected to pass with ease.
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The 10-year Treasury yield increased by 3 basis points to reach 3.671%, while the 2-year Treasury experienced a rise of more than 5 basis points and was trading at 4.442%. It's important to note that yields and prices move in opposite directions and one basis point is equivalent to 0.01%.
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House lawmakers have approved a legislation regarding the debt limit, while officials from the Federal Reserve have indicated that there may be a pause in interest rates in June. Additionally, a rally based on predictions related to artificial intelligence has taken a break.
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Gold returned to retest the 1953-1954 price range and returned to 1983
