Lower U.S. Treasury Yields Boost Gold Amid Weaker Dollar
* On Tuesday, U.S. Treasury yields declined to their lowest levels in three weeks following this data release, while the value of the dollar weakened. This depreciation in the dollar made gold more affordable for holders of other currencies, consequently boosting demand for the non-interest-bearing precious metal.
* The month of July witnessed U.S. job openings plummet to their lowest point in almost two and a half years, indicating a gradual deceleration in the labor market. These developments further solidified the expectation that the Federal Reserve would maintain its current interest rates in the upcoming month.
* Additionally, a survey conducted on Tuesday revealed that U.S. consumer confidence in August experienced a more significant decline than initially anticipated. This drop occurred after two consecutive months of increased confidence, sparking renewed concerns about inflation among consumers.
GOLD
SELL 1936-1938🕯
✔️ TP1: 1932
✔️ TP2: 1926
🚫 SL: 1943
* The month of July witnessed U.S. job openings plummet to their lowest point in almost two and a half years, indicating a gradual deceleration in the labor market. These developments further solidified the expectation that the Federal Reserve would maintain its current interest rates in the upcoming month.
* Additionally, a survey conducted on Tuesday revealed that U.S. consumer confidence in August experienced a more significant decline than initially anticipated. This drop occurred after two consecutive months of increased confidence, sparking renewed concerns about inflation among consumers.
GOLD
SELL 1936-1938🕯 ✔️ TP1: 1932
✔️ TP2: 1926
🚫 SL: 1943
