Gold big sell coming trade now read the caption
Tuesday’s US JOLTs Job Openings data indicated a stronger-than-expected labor market after rising to 7.744 million in the reported period. Data surpassed the expected 7.48M increase. The upbeat labor data from the US briefly lifted the US Dollar (USD) across the board, capping the Gold price rebound near $2,655.
However, Gold buyers retained control as the Greenback failed to sustain the uptick. The data failed to alter the market’s expectations of a 25 basis points (bps) interest rate cut by the Fed later this month. Markets are currently pricing at a 73% probability of a Dec Fed rate reduction, the CME Group’s FedWatch Tool shows, more or less the same as a day ago
However, Gold buyers retained control as the Greenback failed to sustain the uptick. The data failed to alter the market’s expectations of a 25 basis points (bps) interest rate cut by the Fed later this month. Markets are currently pricing at a 73% probability of a Dec Fed rate reduction, the CME Group’s FedWatch Tool shows, more or less the same as a day ago
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