Gold needs weak economic data as catalyst to push prices higher
The gold market maintains its resilience in the face of significant headwinds; however, precious metals are in desperate need of a catalyst to push prices out of their current downtrend, according to some analysts.
After four weeks of losses, gold is heading into the weekend with a modest gain. December gold futures last traded at $1,9410.90 an ounce, up 1.27%. Despite the gains, analysts note that the gold market is generally stuck in a “wait-and-see” mode and next week’s economic data could create some critical volatility.
U.S. economic data continues to play an essential role in the sentiment in the gold market. The Federal Reserve has said that it will maintain interest rates higher for longer as healthy economic activity continues to support the tight labor market.
After four weeks of losses, gold is heading into the weekend with a modest gain. December gold futures last traded at $1,9410.90 an ounce, up 1.27%. Despite the gains, analysts note that the gold market is generally stuck in a “wait-and-see” mode and next week’s economic data could create some critical volatility.
U.S. economic data continues to play an essential role in the sentiment in the gold market. The Federal Reserve has said that it will maintain interest rates higher for longer as healthy economic activity continues to support the tight labor market.
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Powell: 2% is and will remain our inflation target
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Revised Q2 GDP will also be released, along with the PCE and ISM manufacturing, which should help investors confirm what the Fed-driven interest rate trajectory will look like, as the agency tries to balance by inflation and growth risks.
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🕯 BUY GOLD | 1909 - 1912
🔴 SL: 1904
🟢 TP1: 1917
🟢 TP2: 1922
🔴 SL: 1904
🟢 TP1: 1917
🟢 TP2: 1922
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🔹Newspaper: Goldman Sachs used Chinese government funds to buy American companies.
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The dollar index declined and government bond yields varied after the emergence of US unemployment data.
