Gold price gains momentum, the possibility of retesting the near
Gold prices attracted some selling after an early surge to around $1,946 during Monday's Asian session, but fell to new daily lows in the past hour. The XAU/USD rate is currently trading near $1,940 levels, so far the slow recovery from Friday's low since July 11 appears to have stalled.
The much-watched US monthly employment report showed that the economy maintained a moderate pace of job growth in July. In addition, May and June data were revised downwards, suggesting a slowdown in labor demand. This put a brake on the recent rally in U.S. Treasury yields and weighed on the US dollar (USD) on Friday, which was seen as a key factor in triggering some short coverage in the gold price.
Gold price edges lower on Monday and is pressured by the emergence of some US Dollar buying.
Bets for more interest rate hikes by the Federal Reserve help revive demand for the Greenback.
The fundamental backdrop supports prospects for an extension of the recent downward trend.
BUY XAUUSD 1942 - 1940 🔥🔥
SL ❌ 1936
TP1 ✔️ 1945
TP2 ✔️ 1950
The much-watched US monthly employment report showed that the economy maintained a moderate pace of job growth in July. In addition, May and June data were revised downwards, suggesting a slowdown in labor demand. This put a brake on the recent rally in U.S. Treasury yields and weighed on the US dollar (USD) on Friday, which was seen as a key factor in triggering some short coverage in the gold price.
Gold price edges lower on Monday and is pressured by the emergence of some US Dollar buying.
Bets for more interest rate hikes by the Federal Reserve help revive demand for the Greenback.
The fundamental backdrop supports prospects for an extension of the recent downward trend.
BUY XAUUSD 1942 - 1940 🔥🔥
SL ❌ 1936
TP1 ✔️ 1945
TP2 ✔️ 1950
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.