💵💵💵GOLD PRICE AND ECONOMIC INFORMATION
Gold rose above $2,360 per ounce on Tuesday, recouping some losses from the previous session as investors turn their attention to Fed Chair Powell's semi-annual testimony before Congress. Last week's figures showed a softening labor market in the US, with the unemployment rate reaching a two-and-a-half-year high and wage growth falling to a three-year low, indicating impending early interest rate cuts by the US central bank. Currently, markets are pricing in a 77% probability of the Fed reducing interest rates in September, with another cut expected in December. Powell's testimony before the Senate today and the House on Wednesday will offer investors clearer signals on the future direction of the Fed's interest rate path. Investors also anticipate key upcoming inflation figures set to be released on Thursday. Elsewhere, traders are monitoring geopolitical developments in the Middle East amid prospects of a ceasefire deal between Israel and Hamas..
🔴SELL GOLD: 2370 - 2372, SL: 2376
🟢BUY GOLD: 2343 - 2341, SL: 2337
⛔️Breakout: top border 2370 -2378 - below 2350 - 2342
🔼Support: 2351 -2342 - 2335
🔽Resistance: 2370 -2378 - 2385 - 2395
GOOD LUCK EVERYONE👍
Gold rose above $2,360 per ounce on Tuesday, recouping some losses from the previous session as investors turn their attention to Fed Chair Powell's semi-annual testimony before Congress. Last week's figures showed a softening labor market in the US, with the unemployment rate reaching a two-and-a-half-year high and wage growth falling to a three-year low, indicating impending early interest rate cuts by the US central bank. Currently, markets are pricing in a 77% probability of the Fed reducing interest rates in September, with another cut expected in December. Powell's testimony before the Senate today and the House on Wednesday will offer investors clearer signals on the future direction of the Fed's interest rate path. Investors also anticipate key upcoming inflation figures set to be released on Thursday. Elsewhere, traders are monitoring geopolitical developments in the Middle East amid prospects of a ceasefire deal between Israel and Hamas..
🔴SELL GOLD: 2370 - 2372, SL: 2376
🟢BUY GOLD: 2343 - 2341, SL: 2337
⛔️Breakout: top border 2370 -2378 - below 2350 - 2342
🔼Support: 2351 -2342 - 2335
🔽Resistance: 2370 -2378 - 2385 - 2395
GOOD LUCK EVERYONE👍
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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.