Continuing the downward momentum, difficulties are still ahead
World gold price this morning fell slightly with spot gold down 4.4 USD to 1,910.8 USD/ounce. Gold futures in August traded at the end of the period at $1,915.4 per ounce, down $11.7 from dawn the day before.
World precious metals continue to be under selling pressure after a series of reports released. Specifically, the ADP jobs report showed that the US private sector added 497,000 jobs last month. Economists expect an increase of about 226,000 jobs.
Meanwhile, according to data from the Institute of Supply Management (ISM), performance in the US service sector was better than forecast. The Purchasing Managers' Index in the services sector rose 53.9% last month, up 50.3% in May and beating economists' forecasts of 51.3%, ISM said. .
Gold continues to decline in aging as solid labor market data and good economic health ease fears that the US economy is heading for a severe recession. At the same time, higher wages could force the US Federal Reserve (Fed) to maintain positive monetary policies and raise interest rates higher.
Looking at the long-term, some analysts say that the production cuts by Saudi Arabia and Russia are creating some impetus for oil prices and possibly for gold. Rising oil prices will raise concerns about inflation, which in turn will create new impetus for precious metals market.
XAUUSD BUY 1903 -1905 💯💯
✅ TP1: 1910
✅ TP2: 1914
✅ TP3: 1922
🛑 SL: 1895
World precious metals continue to be under selling pressure after a series of reports released. Specifically, the ADP jobs report showed that the US private sector added 497,000 jobs last month. Economists expect an increase of about 226,000 jobs.
Meanwhile, according to data from the Institute of Supply Management (ISM), performance in the US service sector was better than forecast. The Purchasing Managers' Index in the services sector rose 53.9% last month, up 50.3% in May and beating economists' forecasts of 51.3%, ISM said. .
Gold continues to decline in aging as solid labor market data and good economic health ease fears that the US economy is heading for a severe recession. At the same time, higher wages could force the US Federal Reserve (Fed) to maintain positive monetary policies and raise interest rates higher.
Looking at the long-term, some analysts say that the production cuts by Saudi Arabia and Russia are creating some impetus for oil prices and possibly for gold. Rising oil prices will raise concerns about inflation, which in turn will create new impetus for precious metals market.
XAUUSD BUY 1903 -1905 💯💯
✅ TP1: 1910
✅ TP2: 1914
✅ TP3: 1922
🛑 SL: 1895
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