XAU market prediction September 6, 2023
Updated
After reaching a one-month high on the first day of September 2023, the global spot gold price hovered around $1,930 per ounce. Traders' and investors' risk appetite plunged to its lowest level in a short trading week on the back of US holidays and news about the Chinese economy.
History shows that September and October can be volatile for stock and financial markets. Meanwhile, the dollar strengthened in major overseas markets, holding to six-month highs. Crude oil futures fell slightly, trading around $85.25 a barrel. The 10-year U.S. Treasury yield is currently around 4.22%.
It remains to be seen if there will be a rate cut in 2024 and by how much, said Hershall Ballot, a senior adviser to market research firm Metals Focus. The adviser also said that keeping interest rates higher for the long term could help curb the rise in the gold price.
Carlo Alberto de Casa, a market analyst at Kinesis Money, also said hopes of a dovish Fed monetary policy in September are limiting gold's downside momentum.
History shows that September and October can be volatile for stock and financial markets. Meanwhile, the dollar strengthened in major overseas markets, holding to six-month highs. Crude oil futures fell slightly, trading around $85.25 a barrel. The 10-year U.S. Treasury yield is currently around 4.22%.
It remains to be seen if there will be a rate cut in 2024 and by how much, said Hershall Ballot, a senior adviser to market research firm Metals Focus. The adviser also said that keeping interest rates higher for the long term could help curb the rise in the gold price.
Carlo Alberto de Casa, a market analyst at Kinesis Money, also said hopes of a dovish Fed monetary policy in September are limiting gold's downside momentum.
Note
XAUUSD BUY 1923 - 1925🔼🔼 ✅TP1: 1945
✅TP2: 1950
🚫SL: 1920
Note
running 20 pips
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