Bullish Momentum in XAU/USD: US Economic Resilience Spurs Inv...
Bullish Momentum in XAU/USD: US Economic Resilience Spurs Investor Confidence
On Monday, the price of gold (XAU/USD) experienced a correction after facing resistance above $1,960.00. The robust performance of the United States in the April-June quarter has
reinforced expectations for more interest-rate hikes from the Federal Reserve (Fed). As a result, the precious metal is under pressure, and the US Dollar is capitalizing on positive GDP numbers and a strong Durable Goods Orders report.
Over the past eight months, United States factory activities have been contracting due to the aggressive rate-tightening cycle pursued by the Federal Reserve (Fed). The manufacturing sector is anticipated to continue reporting weak performance as companies struggle to access credit, impacted by higher interest rates and tighter credit conditions among US regional banks.
The gold price is closely monitoring US economic data, looking for signals to guide its next decisive move. The US Dollar Index remains on a bullish trajectory as the tight labor market provides support for more rate hikes from the Fed.
The US manufacturing sector appears to be contracting for the ninth consecutive month amidst the ongoing aggressive rate-tightening cycle.
As investors keep a watchful eye on US economic indicators and the Federal Reserve's rate decisions, the gold price may experience further fluctuations in the coming days. The tension between a robust US economy and the potential impact of further rate hikes on market dynamics will play a crucial role in shaping gold's trajectory.
In this dynamic market environment, traders are advised to stay informed about economic releases and central bank announcements, which can significantly influence the direction of gold prices and the US Dollar. Employing prudent risk management strategies will be essential to navigate potential market uncertainties successfully.
TurnAround Point : 1948.00
Our preference
Long positions above 1948.00 with targets at 1963.50 & 1970.00 in extension.
On Monday, the price of gold (XAU/USD) experienced a correction after facing resistance above $1,960.00. The robust performance of the United States in the April-June quarter has
reinforced expectations for more interest-rate hikes from the Federal Reserve (Fed). As a result, the precious metal is under pressure, and the US Dollar is capitalizing on positive GDP numbers and a strong Durable Goods Orders report.
Over the past eight months, United States factory activities have been contracting due to the aggressive rate-tightening cycle pursued by the Federal Reserve (Fed). The manufacturing sector is anticipated to continue reporting weak performance as companies struggle to access credit, impacted by higher interest rates and tighter credit conditions among US regional banks.
The gold price is closely monitoring US economic data, looking for signals to guide its next decisive move. The US Dollar Index remains on a bullish trajectory as the tight labor market provides support for more rate hikes from the Fed.
The US manufacturing sector appears to be contracting for the ninth consecutive month amidst the ongoing aggressive rate-tightening cycle.
As investors keep a watchful eye on US economic indicators and the Federal Reserve's rate decisions, the gold price may experience further fluctuations in the coming days. The tension between a robust US economy and the potential impact of further rate hikes on market dynamics will play a crucial role in shaping gold's trajectory.
In this dynamic market environment, traders are advised to stay informed about economic releases and central bank announcements, which can significantly influence the direction of gold prices and the US Dollar. Employing prudent risk management strategies will be essential to navigate potential market uncertainties successfully.
TurnAround Point : 1948.00
Our preference
Long positions above 1948.00 with targets at 1963.50 & 1970.00 in extension.
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