⚡️Gold Price attracts bids at multi-day highs, despite the latest cautious performance of the XAU/USD traders, as the recently downbeat United States data bolstered expectations of witnessing a sooner end to the Federal Reserve’s (Fed) hawkish cycle. Also favoring the Gold buyers is the firmer sentiment about China, one of the world’s biggest Gold customers.
⚡️ADP Employment Change fell to 177K vs market forecast of 195K and previous figure of 371K (revised from 324K). Similarly, the second figure for the US second quarter (Q2) annual Gross Domestic Product (GDP) fell to 2.1% from an initial forecast of 2.4% while the Price Index GDP also fell to 2.0% from the first reading of 2.2%. Furthermore, preliminary figures for Personal Consumption Expenditures (PCE) also decreased to 2.5% from the previous estimate of 2.6% during the said period.
⚡️It is worth noting that US consumer confidence and activity data, as well as housing market figures, previously supported dovish comments on the US central bank and weighed on the dollar. dollars, thereby boosting the Gold Price.
⚡️Share your ideas with Krado, I'm looking forward to it⚡️
⚡️ADP Employment Change fell to 177K vs market forecast of 195K and previous figure of 371K (revised from 324K). Similarly, the second figure for the US second quarter (Q2) annual Gross Domestic Product (GDP) fell to 2.1% from an initial forecast of 2.4% while the Price Index GDP also fell to 2.0% from the first reading of 2.2%. Furthermore, preliminary figures for Personal Consumption Expenditures (PCE) also decreased to 2.5% from the previous estimate of 2.6% during the said period.
⚡️It is worth noting that US consumer confidence and activity data, as well as housing market figures, previously supported dovish comments on the US central bank and weighed on the dollar. dollars, thereby boosting the Gold Price.
⚡️Share your ideas with Krado, I'm looking forward to it⚡️
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⚡️Everything seems to be going in the right direction, hope everyone gets home safely + a little profit.
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⚡️oft purchasing managers’ index (PMI) readings from China weighed on copper prices, given that the country is the world’s largest copper importer.
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⚡️Betting on another rate hike by the Federal Reserve continues to act as a drag on the metal.
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⚡️US interest rates are unlikely to rise any further, they are also expected to remain at their highest levels in more than 20 years for longer, as inflation in the US remains high.
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⚡️This notion weighed on the dollar and Treasury yields, allowing the yellow metal to appreciate on the prospect of fewer increases in its opportunity cost.
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⚡️Gold price trades with a negative bias for the second straight day on Tuesday, albeit lacks follow-through and remains well within a familiar range held over the past week or so. The XAU/USD is currently placed just below the $1,940 level, down less than 0.10% for the day, and is pressured by a combination of factors
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⚡️Markets are now focused squarely on a slew of Fed speakers this week, who are expected to offer more cues on monetary policy before an interest rate decision later this month.
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⚡️XAU/USD bears have a tough time keeping control unless breaking $1,930 and $1,915 key support confluences
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⚡️Gold Price seesaws within key trading range despite the previous day’s heavy loss
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⚡️Everything is going according to my plan
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⚡️My plan was right
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⚡️Gold price gains some positive traction on Thursday, albeit lacks follow-through.
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⚡️US interest rates remain the main point of concern for the gold market, with a series of Federal Reserve spokesmen due to decide on interest rates later this month.
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⚡️Trading still follows the trend line
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⚡️The battle for position
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⚡️Short plan
⚡️Short plan
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⚡️ gold could reach 1930 next week.
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⚡️The market becomes more active when the American session begins
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⚡️Inflation, measured by the Consumer Price Index, or CPI, fell from a four-decade high of more than 9% per annum in June 2022 to as low as 3% in June this year
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What do you think about gold this coming week?
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⚡️Challenging the 1900 round price resistance zone
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⚡️Gold price trades around $1,920 a troy ounce during the early trading hours in the Asian session on Monday. The precious metal struggles to hold ground near the previous weekly close, experiencing minor support due to the retreating in the US Dollar (USD).
