Fundamental OverviewThe markets have been waiting for the US NFP to provide a clear signal for either a 25 or 50 bps cut at the upcoming FOMC meeting, but instead we got a mixed report with some better details under the hood. The probabilities for a 50 bps cut decreased as a result and they are now standing around 27%. A soft US CPI report tomorrow might increase those probabilities a little bit, but we will still head into the FOMC decision with a 25 bps cut as the most probable scenario. In the bigger picture, gold should remain supported as real yields fall due to the Fed’s rate cut cycle, but in the short-term, strong or better US data might weigh on the market a bit.Gold Technical Analy
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