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Gold price (XAU/USD) recovers some lost ground around $4,660 during the early Asian session on Friday. However, the potential upside for the precious metal might be limited as the prospects of US rate cuts have largely faded.
💡 DMK Insight
Gold’s recent bounce near $4,660 is intriguing, but don’t get too excited just yet. With the fading prospects of US rate cuts, the bullish momentum for gold could be stifled. Traders should keep an eye on how the market reacts to upcoming economic data, particularly any signals from the Federal Reserve. If inflation remains stubborn, the Fed might hold off on cuts longer than expected, which typically weighs on gold prices. Look for resistance around $4,700; a failure to break above could signal a retreat back towards support levels. Also, watch correlated assets like the US dollar and treasury yields, as they can provide clues on gold’s next move. If the dollar strengthens, gold could struggle to maintain its gains. In short, while the recovery is a positive sign, the broader economic context suggests caution. Keep an eye on those key levels and the Fed’s next moves.
📮 Takeaway
Watch for gold’s resistance at $4,700; a failure to break could lead to a pullback as rate cut hopes diminish.
