Robust Dollar and Treasury Yields Exert Pressure on Gold
Gold remained below the $1,910 per ounce mark on Tuesday, holding close to recent five-week lows. This situation is compounded by the influence of a strong dollar and elevated Treasury yields. A hotter-than-anticipated US producer inflation report for July has led to speculation that the Federal Reserve will maintain higher interest rates for an extended period.
Investors are also preparing for the release of US retail sales figures and the minutes from the Fed's previous policy meeting, both of which could offer insights into the economic and interest rate trajectory.
In a different scenario, Japan's economy surpassed expectations in the second quarter, recording a robust 1.5% quarter-on-quarter expansion and an impressive 6% annualized growth. These figures far exceeded the predictions of 0.8% and 3.1%, respectively.
In contrast, China experienced below-expected growth in its industrial production, retail sales, and fixed asset investment during July. Additionally, the urban unemployment rate ticked higher, further amplifying concerns about the country's decelerating economic conditions.
GOLD BUY 1903-1905💯
✅ TP1: 1909
✅ TP2: 1914
🛑 SL: 1899
Investors are also preparing for the release of US retail sales figures and the minutes from the Fed's previous policy meeting, both of which could offer insights into the economic and interest rate trajectory.
In a different scenario, Japan's economy surpassed expectations in the second quarter, recording a robust 1.5% quarter-on-quarter expansion and an impressive 6% annualized growth. These figures far exceeded the predictions of 0.8% and 3.1%, respectively.
In contrast, China experienced below-expected growth in its industrial production, retail sales, and fixed asset investment during July. Additionally, the urban unemployment rate ticked higher, further amplifying concerns about the country's decelerating economic conditions.
GOLD BUY 1903-1905💯 ✅ TP1: 1909
✅ TP2: 1914
🛑 SL: 1899
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