Gold trading trend for Nonfram newsletter predicting a deep drop
Gold continued to fall after the much better-than-expected US ADP jobs report showed the number of jobs doubled compared to market expectations.
The US June ADP report showed an increase of 497,000 jobs, so with market expectations of a 220,000 gain. That data falls on US monetary policy hawks who want to see the Federal Reserve continue to raise interest rates. At the same time, these strong ADP jobs numbers have led many to assume that Friday's Labor Department jobs report will be even stronger.
In addition, the Federal Reserve's latest FOMC minutes released on Wednesday afternoon also said "nearly all" FOMC members agreed that further tightening of monetary policy by the Federal Reserve. The United States will be essential this year.
The above developments make it highly likely that the Federal Reserve will increase its effectiveness at the July FOMC meeting, after pausing at the June meeting.
The Federal Reserve's aggressive monetary policy stance putting money in their 2% target continues to hurt gold as prices struggle to sustain at $1,900 an ounce.
XAUUSD SELL 1918 - 1920💯💯
✅ TP1: 1912
✅ TP2: 1906
✅ TP3: 1898
🛑 SL: 1930
The US June ADP report showed an increase of 497,000 jobs, so with market expectations of a 220,000 gain. That data falls on US monetary policy hawks who want to see the Federal Reserve continue to raise interest rates. At the same time, these strong ADP jobs numbers have led many to assume that Friday's Labor Department jobs report will be even stronger.
In addition, the Federal Reserve's latest FOMC minutes released on Wednesday afternoon also said "nearly all" FOMC members agreed that further tightening of monetary policy by the Federal Reserve. The United States will be essential this year.
The above developments make it highly likely that the Federal Reserve will increase its effectiveness at the July FOMC meeting, after pausing at the June meeting.
The Federal Reserve's aggressive monetary policy stance putting money in their 2% target continues to hurt gold as prices struggle to sustain at $1,900 an ounce.
XAUUSD SELL 1918 - 1920💯💯
✅ TP1: 1912
✅ TP2: 1906
✅ TP3: 1898
🛑 SL: 1930
