Continue to gain momentum when data shows signs of cooling down

World gold price stood at $1,947, up $11 compared to the same hour yesterday morning. The price of precious metals is at the highest level since early August. Gold continues to gain momentum as newly released data shows that the labor market shows signs of cooling down and the world's leading economy is slowing down.

Specifically, the report on gross domestic product in the second quarter of the US Bureau of Economic Analysis showed that the economy grew by 2.1%, lower than expected. According to consensus estimates, economists expect growth of 2.4%. Closely watched PCE in the second quarter rose 2.5% versus the first estimate of a 2.6% increase.

The most recent jobs report also shows that the labor market is cooling down. According to ADP's latest report, 177,000 jobs were created last month. The data missed expectations with economists forecasting a job gain of around 194,000.

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➡️US stocks rise...and S&P and Nasdaq record their highest close since the beginning.

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The key Non-farm payrolls number is expected to rise to 170,000, compared with a gain of 187,000 in the July report.

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🕯 SELL GOLD | 1956 - 1953

🔴 SL: 1961

🟢 TP1: 1948
🟢 TP2: 1940

🕯 BUY GOLD | 1923 - 1926

🔴 SL: 1918

🟢 TP1: 1931
🟢 TP2: 1936

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The dollar index declined and government bond yields varied after the emergence of US unemployment data.