Gold prices remained consistent at $1,994 in the early Asian session today, while the US Dollar Index experienced a slight decline to 103.75. This stability in gold prices comes amid a lack of fresh economic data from the United States.
Investors' sentiments have been lifted by news from yesterday that China is taking measures to alleviate its property sector woes. The country has facilitated financial access for major developers such as Country Garden Holdings Co., Sino-Ocean Group, and CIFI Holdings. This move has sparked a positive reaction in the markets, with investors now looking forward to the upcoming S&P Global PMI data, which is expected to influence gold trading strategies.
From a technical standpoint, gold's outlook appears favorable. Key indicators suggest that there is sustained buyer support above the critical 100-hour Exponential Moving Average (EMA), and the Relative Strength Index (RSI) remains bullish, positioned above 50. These factors contribute to an optimistic sentiment among traders regarding the precious metal's trajectory.
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