Still no breakthrough in the new week

Rancy-SuperTrend Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold prices attracted renewed buying pressure on the first day of a new week and continued to rally above $1,945 during the Asian session. .

The mixed monthly jobs report from the United States (US) on Friday ensures that the Federal Reserve (Fed) will keep interest rates unchanged at its September policy meeting, so this is considered is beneficial for Gold prices, but not favorable. In fact, NFP headlines show the US economy added 187,000 jobs in August, well above market expectations. However, last month's figure was revised down from 187K to 157K. In addition, the unemployment rate increased to 3.8% from 3.5% in July and Average Hourly Earnings decreased to 4.3% YoY from 4.4%. The data showed that the labor market slowed slightly and left the Fed with less room to continue raising rates.
The decline in the US Dollar amid the US Labor Day Holiday combined with mixed news between the US and China reinforced the XAUUSD uptrend

Friday's US data boosted Gold buyers after the metal renewed its monthly peak.
Powering the bullish trend of XAUUSD is stimulus measures from one of the world's largest Gold customers, namely China.

Even so, the US Dollar Index (DXY) still manages to maintain a 7-week uptrend and challenge the XAUUSD uptrend.
The report showed 187,000 new jobs in August, higher than the 169,000 expected. The unemployment rate also increased to 3.8% from economists' forecast of 3.5%. Average hourly earnings also fell slightly to 0.2% versus 0.3% forecast. Data was mixed although NFP capped gold's gains but highest unemployment rate since April 2022 supported gold's staying power despite higher-than-expected Non-Farm Payrolls data a little bit.

This data did not change market expectations much about the fact that the Fed will keep interest rates unchanged in September and increase in November.
🟢Israel's central bank keeps interest rates unchanged, breaking with the US Fed's last decision even after the shekel depreciated almost to a three-year low.
- The current unrealized losses in the US banking system are $1.8 trillion out of just $2.2 trillion in capital.
🕯 SELL GOLD | 1930 - 1927

🔴 SL: 1935

🟢 TP1: 1922
🟢 TP2: 1917
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