Gold Faces Resistance and Momentum Loss in Early Asian Trading

Gold is experiencing a decline during the early Asian trading session. Despite its recent fluctuations, the precious metal remains below the $1,950 mark, as noted by Craig Erlam, a senior market analyst at Oanda. Following the release of the U.S. jobs report, gold briefly attempted to surpass this threshold but ultimately fell short. Erlam suggests that a combination of technical resistance levels may be contributing to this setback, and it's probable that the recent rebound seen over the past few weeks has lost its momentum. Currently, spot gold is down by 0.1%, trading at $1,936.22 per ounce.


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✅TP1: 1940
✅TP2: 1950

🚫SL: 1930

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On Tuesday, gold prices remained subdued as investors held off for additional signals regarding the state of the U.S. economy in anticipation of the upcoming Federal Reserve meeting later this month. Expectations for a halt in interest rate increases have been on the rise.

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Spot gold held steady at $1,937.58 per ounce as of 0058 GMT, maintaining its position just below the one-month highs achieved on Friday. Meanwhile, U.S. gold futures slipped 0.2% to $1,963.40, with trading activity remaining limited due to the U.S. holiday on Monday.

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* The U.S. dollar index experienced a 0.1% decline compared to other major currencies.

* According to a survey released on Monday, investor confidence in the euro zone dropped more than anticipated at the beginning of September. This decline was primarily attributed to Germany's ongoing economic struggles, which continue to weigh on the overall region.

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* In August, central banks in both major developed and emerging economies paused their interest rate hikes, further reducing the pace and magnitude of such moves. This shift occurred as differing growth forecasts and uncertainties related to inflation blurred the path forward.

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* According to former board member Goushi Kataoka, the Bank of Japan (BOJ) can start transitioning away from its accommodative monetary policy, but only once it has firmly established sustainable achievement of its 2% inflation target.

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On Tuesday, gold prices inched downwards due to the resilient U.S. dollar, despite subdued trading conditions. Traders were cautiously seeking additional indications about the U.S. Federal Reserve's monetary policy direction, following the widely anticipated interest rate pause expected later this month.

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Barot suggested that should the U.S. economy indeed experience a soft landing, there is a possibility of gold facing further declines. This would occur as some of the expectations for aggressive rate cuts in the latter half of 2024 could be scaled back.

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Recent economic data from the United States has provided support for the belief in a soft landing scenario. Concerns about inflation and recession have somewhat diminished, reinforcing the notion that the Federal Reserve may not need to implement additional interest rate hikes.