Traders in the precious metals sector are closely monitoring data movements, particularly reacting to this morning’s disappointing US Retail Sales figures, according to analysts from TDS.
The latest data has provided a boost to the complex, with Gold (XAU/USD) attracting attention from macro investors who have maintained a relatively cautious stance during this phase of uncertainty regarding Federal Reserve rate cuts.
Macro investors have opted to remain on the sidelines, anticipating clearer signals on the timing of potential Fed actions. As economic data continues to show signs of weakness, these investors are poised to engage more actively, potentially catalyzing the next upward movement in Gold prices.
Recent trading activity has seen modest selling from Commodity Trading Advisors (CTAs), contributing to fluctuations in the Yellow Metal’s price. However, TDS analysts suggest that these positions could be reinstated once Gold prices surpass the $2,346 per ounce threshold.
The ongoing back-and-forth in Gold price dynamics underscores the cautious yet opportunistic sentiment among traders, awaiting pivotal economic indicators and policy signals from the Federal Reserve.
