Gold price is still in the Uptrend

[Agarwal]

Today's gold price is currently listed at USD 2,010/ounce, showing a decrease of USD 1.2/oz compared to the opening session of the previous day.

The negotiations between President Joe Biden and lawmakers to raise the US public debt ceiling, scheduled for May 12 (US time), have been postponed, as confirmed by Representative McCarthy. The USD continued to gain momentum, causing speculators to take advantage of selling to recover capital, resulting in gold experiencing strong profit-taking.

The Dollar Index also gained more than 0.18%, while US bond yields rose to 3.425%. Moreover, financial markets are betting on the possibility of the US Federal Reserve cutting interest rates by at least 50 basis points by the end of 2023.

Despite this, the gold price remains in an uptrend, and if it does not break out of the trend, setting up BUY GOLD strategies would still be a priority.