XAU Rising Strongly After Deep Fall
Gold (XAU/USD) rose on Thursday, snapping a four-day losing streak, although it lacked momentum and remained below $2,400 heading into the European session. Investors remain concerned about the economic slowdown in China and the possibility of a US recession. This, coupled with escalating geopolitical tensions in the Middle East, should act as a supportive factor for gold. Moreover, expectations of more rate cuts from the Federal Reserve (Fed) kept the US dollar on the defensive, confirming the positive outlook for the non-yielding precious metal.
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BUY XAU 2419
TP1: 2425
TP2: 2430
SL: 2412
Catatan
HIT TP 1 : 60 pips
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