Gold trading strategy today, short-term sell entry
World gold prices today (May 29) increased in the context of a weakening USD, while investors are still waiting for US inflation data later this week to judge when the Fed will cut interest rates. .
The US Dollar Index fell 0.1% to its lowest in more than a week, making gold cheaper for holders of other currencies.
Investors will monitor the US core personal consumption expenditures (PCE) price index published on Friday (May 31). This index is considered the main inflation measure of the US Federal Reserve (Fed).
Military conflicts taking place in the Middle East and the Russia-Ukraine war are continuing to cause geopolitical instability, reinforcing gold's appeal as a safe-haven asset.
Bob Yawger of Mizuho Bank said that according to some sources, a member of the Egyptian security agency was killed in a firefight with Israeli forces.
Additionally, central banks around the world have steadily increased their gold holdings over the past two years, with China's central bank being one of the most active buyers.
The US Dollar Index fell 0.1% to its lowest in more than a week, making gold cheaper for holders of other currencies.
Investors will monitor the US core personal consumption expenditures (PCE) price index published on Friday (May 31). This index is considered the main inflation measure of the US Federal Reserve (Fed).
Military conflicts taking place in the Middle East and the Russia-Ukraine war are continuing to cause geopolitical instability, reinforcing gold's appeal as a safe-haven asset.
Bob Yawger of Mizuho Bank said that according to some sources, a member of the Egyptian security agency was killed in a firefight with Israeli forces.
Additionally, central banks around the world have steadily increased their gold holdings over the past two years, with China's central bank being one of the most active buyers.
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