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Market Mood XAUUSD 06.01.21

Market Mood XAUUSD 06.01.21

Market Mood XAUUSD 06.01.21

in Daily Forecasts

Listen to the latest market mood for Gold.

Gold has fallen into a key support level around $1900 on rising US10Y yields today. A Democrat blue sweep in the Georgia state run offs give plenty of hopes for extra stimulus coming to support the US economy. Low interest rates have been promised by the Fed into 2023, so the low rates should keep the US dollar pressured over the medium term. With the FOMC minutes being released later today this could be another catalyst for USD weakness. If that proves to be the case then XAUUSD could find buyers from current prices with tight stops running below the trend line marked on the chart.

Trade Risks: The main risk to this trade outlook is from a more optimistic FOMC minutes tonight which could strengthen the USD.


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Disclaimer: Any opinions made may be personal to the author and may not reflect the opinions of HYCM. All expressions of opinion are subject to change without notice. This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. HYCM makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by an employee of HYCM, a third party or otherwise. Past performance is not an indication of possible future performance. Without the approval of HYCM, reproduction or redistribution of this information isn’t permitted.

Legal Information: HYCM is the trading name of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Limited and Henyep Capital Markets (DIFC) Limited for which the Henyep Capital Markets group is holding company and its assets are a controlling equity interest in them.

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