Touching the rising channel - How gold is before ADP NF
The price of gold remains steady at its highest level in three weeks, despite rising to $1,937-38 during the early hours of Wednesday's Asian trading session.
The precious metal has been bolstered by the overall weakness of the US dollar ahead of key data releases from the United States.
Strong momentum indicates that XAU/USD will continue to rise towards $1,944, which is a 61.8% retracement level from the daily decline.
The precious metal has been bolstered by the overall weakness of the US dollar ahead of key data releases from the United States.
Strong momentum indicates that XAU/USD will continue to rise towards $1,944, which is a 61.8% retracement level from the daily decline.
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The gold market continues to have a strong uptrend and has touched the level of 1947 USD/ounce.
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The closely watched personal consumption expenditures (PCE) price index in the second quarter rose 2.5% from the first estimate of a 2.6% increase.
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Stopping interest rates will help the USD sink further, this is an opportunity for investors to buy gold.
