Global gold prices show no new moves today. Over the course of the week, the value of this precious metal has fluctuated considerably, sometimes dropping significantly to levels of $1,905/oz, but sometimes rising to the threshold of $1,935/oz (with an amplitude of about $30). This is due to conflicting information about the Fed's rate hike in July.
In summary, the gold market rose slightly this week (up 0.24% week-on-week) after three consecutive weeks of price declines.
Gold prices ended the week higher after the US June data was weaker than expected. Thus, the US economy added 209,000 jobs this month, compared to the expected 225,000 jobs. This was the weakest growth since December 2020.
As Fed Chairman Jerome Powell has said many times in the past, slowing job growth is good news for gold as it could make the Fed less likely to raise rates two more times this year.
But analysts say last month's weakness in the labor market was not enough to deter the Fed from raising rates in July. And it is clear that gold's upward momentum is still limited in the short term.
In summary, the gold market rose slightly this week (up 0.24% week-on-week) after three consecutive weeks of price declines.
Gold prices ended the week higher after the US June data was weaker than expected. Thus, the US economy added 209,000 jobs this month, compared to the expected 225,000 jobs. This was the weakest growth since December 2020.
As Fed Chairman Jerome Powell has said many times in the past, slowing job growth is good news for gold as it could make the Fed less likely to raise rates two more times this year.
But analysts say last month's weakness in the labor market was not enough to deter the Fed from raising rates in July. And it is clear that gold's upward momentum is still limited in the short term.
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XAUUSD BUY 1918 - 1916 🔼🔼
🟢TP1 : 1921
🟢TP2: 1925
🔴SL: 1912
🟢TP1 : 1921
🟢TP2: 1925
🔴SL: 1912
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about XAUUSD
🟢TP1: 1935
🟢TP2: 1940
🔴SL: 1910