0
0 News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/gold-poised-for-2700-as-traders-eye-nonfarm-payrolls/
Gold continues to show strength as traders focus on the upcoming US nonfarm payrolls report, with many positioning themselves to buy into any short-term weakness that may follow the data release.
After closing higher for four consecutive sessions and pushing above resistance levels from its all-time high of $2790, the bullish momentum is clear, albeit with a slow grind towards the $2700 mark.
In a climate of rising long-end bond yields and concerns over potential stagflation in advanced economies, gold emerges as a key hedge. The increasing risk of a tit-for-tat tariff standoff and the looming US debt ceiling negotiations add to the uncertainty, making gold a preferred asset for portfolio protection.
Given the likelihood that Congress will take the debt limit issue to the brink, market participants are gravitating toward gold to safeguard their investments. As the risk of further volatility builds, a move towards $2700 appears to be a prudent play for those seeking to mitigate risk in the current market environment.
News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/gold-poised-for-2700-as-traders-eye-nonfarm-payrolls/
