Gold Price Update:
Hey everyone! Gold is making moves, hitting the $2,357 mark early Wednesday thanks to a weaker USD after the US Producer Price Index (PPI) data dropped. The numbers showed inflation is still in the mix, with the monthly PPI up 0.5% in April, a jump from -0.1% in March, and beating the expected 0.3%.
Looking Ahead:
Gold has found new support around $2,335 after touching the 34 EMA. It's currently on an upward trend, cruising above the 34 and 89 EMAs. This is a positive sign for XAUUSD and is looking good for buyers this week.
I’m feeling bullish on gold in the short and medium term. What about you? What’s your take?
Hey everyone! Gold is making moves, hitting the $2,357 mark early Wednesday thanks to a weaker USD after the US Producer Price Index (PPI) data dropped. The numbers showed inflation is still in the mix, with the monthly PPI up 0.5% in April, a jump from -0.1% in March, and beating the expected 0.3%.
Looking Ahead:
Gold has found new support around $2,335 after touching the 34 EMA. It's currently on an upward trend, cruising above the 34 and 89 EMAs. This is a positive sign for XAUUSD and is looking good for buyers this week.
I’m feeling bullish on gold in the short and medium term. What about you? What’s your take?
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