XAUUSD 8/8 : Lack of direction, gold moves narrowly waiting for
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Gold price (XAU/USD) remains low around $1935 after starting the trading week with slight losses. However, XAU/USD managed to hold onto its downside amid technical glitches, as well as higher US Treasury yields, despite a sluggish US Dollar ahead of this week's inflation data from America and China.
Gold prices maintained last week's key support before breaking even as traders remained inactive on Monday morning amid a lack of key data/events, as well as a sluggish US Dollar.
That said, the US Dollar Index (DXY) remains on the defensive around 102.00 after a good start to the week while Friday's Non-Farm Payrolls (NFP) consolidation led to losses.
Gold prices maintained last week's key support before breaking even as traders remained inactive on Monday morning amid a lack of key data/events, as well as a sluggish US Dollar.
That said, the US Dollar Index (DXY) remains on the defensive around 102.00 after a good start to the week while Friday's Non-Farm Payrolls (NFP) consolidation led to losses.
Nota
Gold fell to 1930 yesterday after Friday's rally. Nonfarm data showed the US economy created fewer jobs than expected in July, leading to the dollar falling to its lowest level in years. a week against a basket of currencies and is the main factor supporting Gold's price increase. However, the jobs report also showed steady wage growth and a decline in the unemployment rate, suggesting the labor market remains tight and inflationary pressures remain.The Fed is reviewing new data ahead of its September meeting, attention will turn to the release of US CPI for new clues.
Lower numbers will make it more likely that Fed policymakers will stop raising rates at the upcoming September meeting after last month's 25bps hike.
The market has no notable news today, expect the price to move more purely technical
Nota
The dollar - a rival of Gold, rose against major currencies in the last session, after a US Federal Reserve official (Fed) said that inflation was still high and the labor market was still high. The tightening dynamics will create conditions for additional interest rate hikes in the near future. US Dollar Index (DXY) edged up 0.06%, reaching 102.3In terms of technical analysis, gold price is still in a Downtrend, Sell strategies will be the mainstream and Buy will prioritize fast surfing.
Nota
🔹After the data, it is expected that the Federal Reserve will raise interest rates next month by 25 points, to reach 5.75%.
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