Shinobi - XAUUSD: Downtrend continues to form
Gold prices on the world market continued their downward trend this morning, with spot gold dropping $15.5 to $1,934.8 per ounce. December futures for gold last traded at $1,971.1 per ounce, down $7.7 from the previous morning.
Precious metals are under pressure as the ADP report indicates a strong increase in private sector employment in July. Specifically, 324,000 jobs were created in the previous month. The data significantly exceeded economists' expectations of around 191,000 jobs being created. The newly released figures demonstrate the continued robustness of the job market, further supporting expectations that the Federal Reserve (Fed) will continue to raise interest rates.
Currently, the market is awaiting the employment report for July to gain clearer insights into the Fed's upcoming monetary policy trajectory. The nonfarm payroll number is expected to rise to 200,000 jobs, compared to the increase of 209,000 jobs reported in June.
XAUUSD
Waiting for the opportunity to SELL at 1940 - BUY at 1925
Precious metals are under pressure as the ADP report indicates a strong increase in private sector employment in July. Specifically, 324,000 jobs were created in the previous month. The data significantly exceeded economists' expectations of around 191,000 jobs being created. The newly released figures demonstrate the continued robustness of the job market, further supporting expectations that the Federal Reserve (Fed) will continue to raise interest rates.
Currently, the market is awaiting the employment report for July to gain clearer insights into the Fed's upcoming monetary policy trajectory. The nonfarm payroll number is expected to rise to 200,000 jobs, compared to the increase of 209,000 jobs reported in June.
XAUUSD
Waiting for the opportunity to SELL at 1940 - BUY at 1925
Kommentar:
The stronger USD made investors continue to sell gold due to increased deposit and transaction costs. Experts said that the gold price will still be under pressure when tomorrow (April 8) the US publishes the employment report and the unemployment rate in July. The US unemployment rate is forecasted to increase only 3.6% in July, lower than 3.7% of the previous month.
