Gold Holds Strong Above $1,930 Amidst Weak US Economic Data
On Wednesday, the price of gold remained above $1,930 per ounce, following a nearly 1% increase in the prior session. This uptick was supported by softer-than-expected economic data from the United States, which has increased expectations that the Federal Reserve will likely halt its interest rate hikes.
The weakening of the U.S. dollar and the decline in U.S. Treasury yields have also contributed to the metal's strength, with gold currently hovering near its highest point in three weeks.
Recent data released on Tuesday revealed that U.S. JOLTS job openings had reached their lowest level in 2.5 years in July. Additionally, consumer sentiment in the country saw its most significant decline in two years in August, driven by concerns about the labor market, rising borrowing costs, and persistent inflation.
Investors are now eagerly awaiting the release of the U.S. PCE price index, the Federal Reserve's preferred inflation gauge scheduled for Thursday, as well as the nonfarm payrolls report on Friday, seeking further insights into the future direction of interest rates.
XAUUSD
SELL 1935-1937🕯
✔️ TP1: 1931
✔️ TP2: 1926
🚫 SL: 1942
The weakening of the U.S. dollar and the decline in U.S. Treasury yields have also contributed to the metal's strength, with gold currently hovering near its highest point in three weeks.
Recent data released on Tuesday revealed that U.S. JOLTS job openings had reached their lowest level in 2.5 years in July. Additionally, consumer sentiment in the country saw its most significant decline in two years in August, driven by concerns about the labor market, rising borrowing costs, and persistent inflation.
Investors are now eagerly awaiting the release of the U.S. PCE price index, the Federal Reserve's preferred inflation gauge scheduled for Thursday, as well as the nonfarm payrolls report on Friday, seeking further insights into the future direction of interest rates.
XAUUSD
SELL 1935-1937🕯 ✔️ TP1: 1931
✔️ TP2: 1926
🚫 SL: 1942
