From Investing.com: 2024-08-06 08:59:00

Gold prices rebounded above $2,400/oz after a dip to $2,364/oz, showing resilience despite a strengthening US Dollar. Gold benefits from expectations of more aggressive rate cuts and its safe-haven status. Geopolitical and economic risks in the second half of 2024, along with anticipated rate cuts, should theoretically support the gold rally, but a Middle East peace agreement could complicate the outlook. The US Dollar Index found support at 102.00 and faces resistance at 103.20 and 103.60. Gold remains rangebound, supported by expectations of more rate cuts and geopolitical risks.

Economic data is light in the US this week, so geopolitics and US earnings will drive sentiment. Occidental Petroleum and Disney are among the big names reporting earnings. Gold’s technical analysis shows a strong recovery, with immediate support at $2,400 critical for further gains. The balancing act of gold’s safe-haven appeal remains a key question for its future direction.



Read more at Investing.com: Gold Steadies After Volatile Monday; US Dollar Bounces Back