🧵 1. Gold braces for rebound as oversold conditions set in after breaching support at $1900; non-farm payroll data may spur further correction. #finance
🧵 1. Gold braces for rebound as oversold conditions set in after breaching support at $1900; non-farm payroll data may spur further correction. #finance
🧵 2. Silver also in oversold region alongside gold; correction expected to continue if non-farm payroll data beats expectations.
🧵 3. Gold prices down 11% from May highs due to Fed's hawkish outlook; threat of further Fed action to keep lid on prices.
🧵 4. No strong rally in near term for gold; Fed's rate hikes and economic factors to limit price movement.
🧵 5. Recent weakness in gold attributed to rise in USD and Treasury yields; traders cautious ahead of employment data.
🧵 Read more at: https://www.financialexpress.com/market/cafeinvest-gold-braces-for-potential-rebound-as-oversold-conditions-await-non-farm-payroll-data-3264949/
I have been in long just closed my posposi