Bonds & Stocks Bid As Oil Skids On Quiet Summer Tuesday Ahead Of NVDA
ZeroHedge·- Global markets saw a broad bid for bonds and stocks while oil prices declined amid quiet summer trading conditions ahead of the NVDA earnings. - Hormuz diplomacy hopes and weak macroeconomic data, including consumer confidence and home sales, pushed oil lower and supported bond demand. - The U.S. dollar edged lower as the debasement trade stabilized, with gold and bitcoin posting marginal gains alongside a rebound in artificial intelligence stocks.Gold Price Forecast: Gold Returns to $4,600, Is the Bull Market Back?
TradingKey·- Gold prices rose above USD 4600 driven by persistent US dollar weakness and safe-haven demand stemming from US fiscal and debt concerns. - The upcoming July PCE data and Fed Chair Kevin Warsh's Jackson Hole speech will be critical catalysts influencing future interest rate expectations and gold's trajectory. - Technically, gold has broken above the 144-day moving average, with short-term resistance targeted near USD 4773.53 and USD 4800.