XAUUSD - The world gold price continues to be under pressure
World gold price this morning continued its downtrend with spot gold down 2.5 USD to 1,888.9 USD/ounce. December gold futures were last traded at $1,919.1 per ounce, down $9.2 from the previous morning.
World gold continued to trade at the lowest level within 5 months as bond yields continued to increase after the minutes of the July monetary policy meeting of the US Federal Reserve (Fed) were established. The minutes of the meeting reminded traders and investors that the Fed remained committed to its efforts to reduce usage. The market for minutes reviews is hawkish. US Treasury yields rose further after the minutes were released, while the US Dollar Index hit a nine-week high overnight. Rising bond yields have increased the opportunity cost of holding non-yielding assets like gold, while a rally in the dollar has regained the precious metal's appeal to buyers of the currencies. other currency. Two headwinds pushed gold to a five-month low.
Meanwhile, the jobs market data also failed to provide any force for the precious metal. Weekly jobless claims fell by 11,000 to 239,000, down from last week's changed estimate of 248,000, according to a Labor Department report. This latest labor market data is relatively in line with expectations. According to consensus forecasts, economists expect jobless claims to fall to 240,000.
World gold continued to trade at the lowest level within 5 months as bond yields continued to increase after the minutes of the July monetary policy meeting of the US Federal Reserve (Fed) were established. The minutes of the meeting reminded traders and investors that the Fed remained committed to its efforts to reduce usage. The market for minutes reviews is hawkish. US Treasury yields rose further after the minutes were released, while the US Dollar Index hit a nine-week high overnight. Rising bond yields have increased the opportunity cost of holding non-yielding assets like gold, while a rally in the dollar has regained the precious metal's appeal to buyers of the currencies. other currency. Two headwinds pushed gold to a five-month low.
Meanwhile, the jobs market data also failed to provide any force for the precious metal. Weekly jobless claims fell by 11,000 to 239,000, down from last week's changed estimate of 248,000, according to a Labor Department report. This latest labor market data is relatively in line with expectations. According to consensus forecasts, economists expect jobless claims to fall to 240,000.
Comment:
XAUUSD BUY 1891-1893🕯
✅ TP1: 1900
✅ TP2: 1905
⚠️ SL: 1888
✅ TP1: 1900
✅ TP2: 1905
⚠️ SL: 1888
Comment:
Recently, the world's second largest economy released a series of reports to see economic growth weakening. This has raised concerns that demand for gold will be weaker in the near term, creating a drag on appreciative speculators in the precious metal market.
Comment:
Running +30Pips ✅✅
✅ TP1: 1894
✅ TP2: 1888
🛑 SL: 1916