Gold closed at a record high of $2330 amidst escalating Middle East tensions, positive US economic data, and hints of potential rate cuts by the Fed Chair. Geopolitical tensions and economic indicators will continue to drive market sentiment. . Hotter than expected CPI inflation and contained geopolitical tensions will weigh on the metal. Resistance is at $2360/$2400 and support at $2300/$2250/$2200. A short term correction won t be surprising.
KUALA LUMPUR: The ringgit retreated further against the US dollar at opening today, as the greenback continued to strengthen amid a rush to safe-haven assets.
Stocks pare gains after ISM, meme stock mania returns, cryptos struggle
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Many Americans got their first taste of normalcy this weekend, so it is no surprise that airlines, cruise ships, and hotels, pretty much all the favorite reopening trades got off to a strong start. The reflation trade seemed to be back as commodities surge across the board, supporting the move higher with Treasury yields. It initially looked like optimism will be the theme leading up to Friday’s jobs report. A strong nonfarm payroll report that includes an upwardly revised prior reading could be what is needed to send Treasury yields higher again.