XAUUSD 3/8 : Gold before PMI news ?
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Gold price in the market continued to decline, due to the strong impact when the US announced positive data on the US labor market, especially the private sector.
According to ADP, the economy added 324,000 jobs in July, much higher than the 191,000 forecast by economists.
In the context of the lack of information to boost the market, the strong recovery of the USD had a negative impact on the gold price. This morning, the US Dollar Index, which measures the volatility of the greenback, rose to 102.7 points, reaching a 3-week high.
According to ADP, the economy added 324,000 jobs in July, much higher than the 191,000 forecast by economists.
In the context of the lack of information to boost the market, the strong recovery of the USD had a negative impact on the gold price. This morning, the US Dollar Index, which measures the volatility of the greenback, rose to 102.7 points, reaching a 3-week high.
Nota
The dollar received support from the wage data sheet much stronger than expected published by the ADP. The reading follows data earlier this week for some signs of US construction and manufacturing recovery.The data finally trumpeted that the Federal Reserve would have enough economic room to raise interest rates further and keep its attention there - a play that bodes well for gold and metals markets.
The increased opportunity cost of holding gold is high, and also shows that investors prefer the dollar as a safe-haven to gold.
Nota
Market participants now look forward to the US economic report - including the usual weekly Initial Jobless Claims release, ISM services PMI and Factory Orders later in the session. early in North America. This, coupled with US bond yields, could influence the USD price dynamics and provide some impetus for Gold prices.Nota
The US ADP Employment Change for July surpassed market forecasts of 189k to 324k while previous readings were revised down to 455k.Amid these plays, the US 10-year Treasury yields rose to their highest levels since November 2022 while the US Dollar Index (DXY) also rose to a three-week high, from That puts pressure on the Gold Price. It should be noted that Wall Street's benchmarks also closed in the red and expressed risk aversion while favoring the XAU/USD bears.
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