After ADP news, Continue to decrease slightly, buy or sell
Updated
In the trading session on February 8, the gold market fluctuated according to conflicting information about the US economy.
Gold rose strongly again after the credit rating agency Fitch lowered the credit rating of the US by one level, from AAA to AA+. The dollar fell, thereby bringing the price of gold up.
However, precious metals immediately turned lower as the USD recovered after the White House objected to Fitch's downgrade of the US credit rating. The government disagrees with Fitch Ratings' downgrade of the US credit rating and affirms that the US economy is recovering strongly.
Gold also fell after the US released positive data on the US labor market, especially the private sector.
Gold rose strongly again after the credit rating agency Fitch lowered the credit rating of the US by one level, from AAA to AA+. The dollar fell, thereby bringing the price of gold up.
However, precious metals immediately turned lower as the USD recovered after the White House objected to Fitch's downgrade of the US credit rating. The government disagrees with Fitch Ratings' downgrade of the US credit rating and affirms that the US economy is recovering strongly.
Gold also fell after the US released positive data on the US labor market, especially the private sector.
Note
XAUUSD BUY 1934 - 1936🕯✅ TP1: 1940
✅ TP2: 1947
❌ SL: 1929
Note
Running +15Pips ✅Note
Overall, the gold market is facing headwinds as long-term use, a healthy labor market and strong economic activity support the Fed's aggressive monetary policies.Note
According to ADP's National Employment report, private payrolls rose 324,000 jobs in July, more than economists' expected increase of 189,000. The US labor market showed signs of slowing down after the US Federal Reserve (Fed) raised interest rates by 525 basis points since March 2022. Still, the economy remains strong, with real GDP growth estimates for the third quarter at 3.9%.Note
Close all BUY +30Pips ✅Note
XAUUSD SELL 1938 - 1940🕯✅ TP1: 1932
✅ TP2: 1925
❌ SL: 1945
Note
Running SELL +30Pips ✅Note
XAUUSD SELL HIT TP1 + 60PIps✅
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.