Gold is in wait-and-see mode on Tuesday, trading 0.01% lower at $1,090.60 per troy ounce. Investors remain worried over the global growth outlook, as Chinese Q4 GDP data came below market expectations WTI crude oil is tr…
Gold is in wait-and-see mode on Tuesday, trading 0.01% lower at $1,090.60 per troy ounce.
Investors remain worried over the global growth outlook, as Chinese Q4 GDP data came below market expectations
WTI crude oil is trading above 29 handle after dipping to as low as 28.36 yesterday.
Last week, the metal hit a two-month high of about $1,112 as a storm in Chinese stocks fuelled appetite for safe-havens, but prices have dropped somewhat since as expectations of further interest rate hikes from the Federal Reserve (Fed) lowered the demand for the non-interest-paying asset.
In the absence of any major data from US calendar, one can take advantage of range bound movement in yellow metal.
Todays expected range will be $1085 to $1092 levels.
We prefer to go long on XAUUSD, Entry at $1085-1088, stop loss $1078 and Target $1092 levels.
