Gold Price Today – Here is what you need to know on Thursday, September 10:
Gold lacked any solid directional bias and was found oscillating in a narrow trading band, just under the $1950 region with the first European period.
The special metal failed to cash in on the prior day’s good action of about thirty dolars and remained capped beneath one-week-old opposition near the $1951 horizontal fitness level. The overnight bounce was sponsored by the growth of a few innovative selling within the US dollar, which tends to underpin the dollar denominated commodity.
The greenback damaged throughout the rii amid a solid pickup in the shared currency following the European Central Bank (ECB) expressed confidence in the EU’s economic perspective. The ECB is actually slated to announce its monetary policy choice later on this Thursday. This, in turn, may effect the USD price characteristics as well as offer some impetus.
This fused with a new leg down in the US equity futures given a few extra assistance to the special metal’s safe haven condition. The anti risk flow was more reinforced by a weaker firmness that involve the US Treasury bond yields, that was additionally cited as 1 of the major variables benefitting the non yielding yellow-colored metallic.
Regardless of the supporting elements, the upside continues to be capped, at minimum for the moment actually being, warranting a bit of extreme care for bullish traders. It is then wise to hold out for a few solid follow through purchasing before positioning for any further near term appreciating action, quite possibly towards the following main hurdle close to the $1970 71 region.
