💡 XAUUSD: Continued strong upward momentum
Gold prices were still trading near a three-month high on March 5 as US construction and manufacturing spending declined, while investors awaited a statement from the Federal Reserve Chairman. US state (Fed) Jerome Powell and important US employment data in February 2024 to provide signals on interest rate policy
“The rally in gold prices was triggered by weaker-than-expected US economic data and a decline in real interest rates,” said UBS strategist Joni Teves. But the general trend is to promote buying at low prices and investors' positive psychology towards gold also makes the market prone to price increases."
Market focus now shifts to Fed Chairman Powell's two-day Congressional testimony on March 6-7, while awaiting February jobs data, which will give investors more Clues about the "health" of the US economy and the timing of potential interest rate cuts by the Fed.
“The rally in gold prices was triggered by weaker-than-expected US economic data and a decline in real interest rates,” said UBS strategist Joni Teves. But the general trend is to promote buying at low prices and investors' positive psychology towards gold also makes the market prone to price increases."
Market focus now shifts to Fed Chairman Powell's two-day Congressional testimony on March 6-7, while awaiting February jobs data, which will give investors more Clues about the "health" of the US economy and the timing of potential interest rate cuts by the Fed.
TP: 2130
SL: 2115