SHINOBI - XAUUSD: Soaring as consumer confidence plummets
World gold price this morning continued to increase with spot gold increasing by 16.7 USD compared to yesterday's closing level to 1,936.5 USD/ounce. December gold futures last traded at $1,964.9 per ounce, up $16.9 from dawn yesterday.
In midday trading on August 29 in the US, gold prices hit a three-week high. The US Employment Turnover (JOLTS) report and consumer confidence index were much lower than expected, spurring fresh buying demand for the precious metal. The greenback sold off and US Treasury yields fell after a series of important data. Both of these reports are doves on US monetary policy, who argue that the Fed has raised interest rates enough to slow US economic growth. All of this marked the start of an important week for US economic reports.
Gold prices continue to hold a solid recovery but still potentially lower risks in the near future.
Diego Colman, market analyst at IG, also warned investors that although gold has moved above its 200-day moving average, it is not yet out of danger of slippage. He noted that the precious metal is at risk of falling ahead of the September 1 nonfarm payrolls report.
In midday trading on August 29 in the US, gold prices hit a three-week high. The US Employment Turnover (JOLTS) report and consumer confidence index were much lower than expected, spurring fresh buying demand for the precious metal. The greenback sold off and US Treasury yields fell after a series of important data. Both of these reports are doves on US monetary policy, who argue that the Fed has raised interest rates enough to slow US economic growth. All of this marked the start of an important week for US economic reports.
Gold prices continue to hold a solid recovery but still potentially lower risks in the near future.
Diego Colman, market analyst at IG, also warned investors that although gold has moved above its 200-day moving average, it is not yet out of danger of slippage. He noted that the precious metal is at risk of falling ahead of the September 1 nonfarm payrolls report.
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Despite gold's recovery in yesterday's trading session, spot gold prices are still at risk of trending below $1,900 per ounce, said Alex Kuptsikevich, senior market analyst at FXPro. He added that although gold is facing short-term fluctuations, this precious metal continues to benefit from the ongoing instability in the market.
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