Detailed gold price analysis on September 5, 2023
Gold did not move much yesterday as the US market was closed. However, gold still ended the day with a slightly bearish candlestick due to weak demand for gold. Gold is likely to continue trading in a tight range in the absence of the release of major US economic data at present. The price of gold could continue to fall and accumulate before there is news strong enough for the price of gold to rise again.
US economic data came as a surprise amid the recent downtrend that has caused real yields and the US dollar to fall. Markets are becoming more confident that the Fed has completed its tightening cycle and are weighing when the Fed will cut rates. These factors have combined to drive the gold price higher, and more of the same is likely to happen as the data continue to fall.
US economic data came as a surprise amid the recent downtrend that has caused real yields and the US dollar to fall. Markets are becoming more confident that the Fed has completed its tightening cycle and are weighing when the Fed will cut rates. These factors have combined to drive the gold price higher, and more of the same is likely to happen as the data continue to fall.
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✅TP1: 1940
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