Gold trading strategy today, continuing the upward momentum
Updated
World gold prices increased sharply with spot gold increasing by 29.3 USD to 2,355.6 USD/ounce. Gold futures last traded at $2,375.20 an ounce, up $27.80 from the bright spot.
World gold prices edged higher midweek, supported by a weakening USD and falling Treasury yields after the latest data showed the labor market cooling.
According to ADP's report, private companies created an additional 152,000 jobs in May, much lower than the number recorded last month and experts' forecasts. This is the lowest monthly number unchanged since the bad month.
RJO Futures senior market strategist Bob Haberkorn said the weak labor numbers act as a catalyst that could force the Federal Reserve to cut back before the end of the year. This has increased the appeal of gold. Lower performance reduces the opportunity cost of holding gold.
According to the CME FedWatch tool, traders saw a roughly 67% chance that the Fed will deliver monetary policy in September, up from less than 50% last week.
Analysts say that important upcoming US economic reports, including data on the health of the service sector and non-farm payrolls reports, are likely to influence the direction of printed gold prices. short.
World gold prices edged higher midweek, supported by a weakening USD and falling Treasury yields after the latest data showed the labor market cooling.
According to ADP's report, private companies created an additional 152,000 jobs in May, much lower than the number recorded last month and experts' forecasts. This is the lowest monthly number unchanged since the bad month.
RJO Futures senior market strategist Bob Haberkorn said the weak labor numbers act as a catalyst that could force the Federal Reserve to cut back before the end of the year. This has increased the appeal of gold. Lower performance reduces the opportunity cost of holding gold.
According to the CME FedWatch tool, traders saw a roughly 67% chance that the Fed will deliver monetary policy in September, up from less than 50% last week.
Analysts say that important upcoming US economic reports, including data on the health of the service sector and non-farm payrolls reports, are likely to influence the direction of printed gold prices. short.
Note
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✔️ TP2 2350
❌ SL 2379
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🔴9-12 signals per day
🔴Free knowledge support
🔴24/7 support for newbies.
🔴You always have priority.
t.me/xauusdtradingfx
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