Gold Surges as US Jobs Data Sparks Fed Rate Cut Speculation
The price of gold witnessed a reversal in trend during Monday's Asian session, halting a two-day losing streak. Weaker-than-expected US employment reports bolstered the likelihood of a September rate cut by the Federal Reserve. Consequently, the US dollar declined while dollar-denominated gold rose. Upon reviewing the daily chart, I observed sellers rejecting upward moves for two consecutive days around the 23.6% Fibonacci retracement level. Technical indicators remain negative, signaling a downside risk.
Throughout the week, I noticed a struggle in the financial market to find a clear direction, partly due to uncertainty stemming from Federal Reserve policies. Despite the Fed announcing a reduction in the pace of its securities holdings decline, interest rates remained unchanged. Chairman Powell expressed both hawkish and dovish stances, emphasizing the importance of employment data in shaping future policy moves.
Furthermore, I examined recent US employment data, including private sector job additions and the unemployment rate. The labor market appears tight, with indications of increasing wage pressures.
Wishing everyone successful trading and a great week ahead.
Throughout the week, I noticed a struggle in the financial market to find a clear direction, partly due to uncertainty stemming from Federal Reserve policies. Despite the Fed announcing a reduction in the pace of its securities holdings decline, interest rates remained unchanged. Chairman Powell expressed both hawkish and dovish stances, emphasizing the importance of employment data in shaping future policy moves.
Furthermore, I examined recent US employment data, including private sector job additions and the unemployment rate. The labor market appears tight, with indications of increasing wage pressures.
Wishing everyone successful trading and a great week ahead.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.