Gold Gains Momentum Around $2,319 in European Session

24 Jun 2024

Gold attracts buyers around the $2,319 mark during Monday’s European session, aligning with the 61.8% Fibonacci level. This confluence area presents a potential pullback zone, especially with the Relative Strength Index (RSI) indicating oversold conditions.

US Bond Yields and Federal Reserve Speculation

The decline in US bond yields further supports gold's bullish sentiment. Speculation is strong that the Federal Reserve (Fed) will implement two rate cuts this year. Expectations for these cuts have been bolstered by easing inflationary pressures in the United States. Consequently, the 10-year US Treasury yields have dropped to near 4.25% on Monday.

Comprehensive Market Analysis

Examining the Commitment of Traders (COT) report, technical analysis, and fundamental factors, we observe a strong case for a continued bullish trend in gold. The technical indicators, combined with favorable market fundamentals, suggest that gold's upward momentum is likely to persist.

In conclusion, the convergence of these technical and fundamental factors points to a bullish continuation for gold, making it an attractive asset in the current market environment.

25 Jun 2024

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