XAUUSD The price of gold increased for the second week in a row due to concerns about the weakening US job market, which led to speculation that the Federal Reserve may adopt a more accommodative stance. If the support level of $1,950 is established, there is potential for further upward movement in XAU/USD.
In the upcoming week, investors will closely monitor economic data from China and global bond yields as they assess market conditions.
Note
On Monday, the price of gold is bouncing back and reaching its highest point in a month, surpassing $1,950. The US Dollar maintains its previous gains despite the thin market conditions caused by Labor Day in the United States.
The price of gold is still positioned to regain the 100-Daily Moving Average at $1,954.
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.
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.