XAUUSD 7/8 : Expect gold in the new week
Atualizado
Gold price (XAU/USD) started the week including key US inflation without much surprise as it defended the previous day's correction off a key support line, mainly supported by mixed US jobs report, early Monday in Asia. In doing so, XAU/USD seesaws near $1943, breaking above the 50 DMA barrier at press time.
That said, Gold prices have fallen for the past two weeks in a row, marking their biggest weekly drop since mid-June, as the US Dollar Index (DXY) attempted a three-week uptrend. despite seeing mixed data and easing concerns about federal monetary policy. The Federal Reserve (Fed) raised interest rates in September. The cause may be related to the wave of risk aversion, mainly supported by Fitch Ratings' downgrade of US credit rating. With this in mind, gold traders are more excited about this week's US inflation numbers, namely the Consumer Price Index (CPI) and Producer Price Index (PPI) for July. clear direction.
That said, Gold prices have fallen for the past two weeks in a row, marking their biggest weekly drop since mid-June, as the US Dollar Index (DXY) attempted a three-week uptrend. despite seeing mixed data and easing concerns about federal monetary policy. The Federal Reserve (Fed) raised interest rates in September. The cause may be related to the wave of risk aversion, mainly supported by Fitch Ratings' downgrade of US credit rating. With this in mind, gold traders are more excited about this week's US inflation numbers, namely the Consumer Price Index (CPI) and Producer Price Index (PPI) for July. clear direction.
Nota
Gold posted modest gains as the US July jobs report was weaker than expected. Specifically, there were 187,000 jobs compared to the expectation of 205,000.The US job market is slowly cooling down and that's exactly what the Fed wants to see. The market is thinking that interest rates have peaked and the Fed's next move is to lower rates, which should give gold a short-term rally in last week's session.
Nota
Any signs of recovery in the labor market should give the Fed more incentive to raise rates further, as the bank is targeting some softening of labor conditions as part of its crusade. against inflation.A similar trend for August could raise expectations that the Fed has completed its rate hike cycle, potentially denting the dollar and boosting non-yielding assets like gold.
Nota
Gold price (XAU/USD) remains on pause as it retreats to a valid save of $1915 support amid broad-based US Dollar recovery, as well as mixed mood, ahead of scheduled signs of use from the US, China, Australia and New Zealand. Also important are this week's UK growth figures and China trade data as markets struggle to find clear direction.It's worth noting that Friday's drop in US Nonfarm Payrolls (NFP) data was combined with a mixed Fed signal combination to trigger a US Dollar pullback from highs. from that allow Gold price recovered from multi-day support before the line.
Nota
The dollar received support from much stronger-than-expected payroll data released by ADP. The reading follows data earlier this week that showed some signs of a recovery in US construction and manufacturing.The data boosted bets that the Federal Reserve would have enough economic room to raise interest rates further and keep them there - a scenario that bodes well for gold and metals markets.
Rising interest rates push up the opportunity cost of holding bullion, while also showing that investors prefer the dollar as a safe-haven to gold.
The best strategy, limit when the news comes out
Nota
The world spot gold price stood around the threshold of 1,933.5 USD/ounce.Gold posted modest gains as the US July jobs report was weaker than expected. Specifically, there were 187,000 jobs compared to the expectation of 205,000.
The US job market is slowly cooling down and that's exactly what the Fed wants to see. The market is thinking that interest rates have peaked and the Fed's next move is to lower rates, which should give gold a short-term rally in last week's session.
Technically, it looks like the Gold Bull run is just a short-term retracement. So will still prioritize Sell in the first session of this week.
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