World gold prices moved sideways in the context of the USD still strengthening. Recorded at 9:55 a.m. on December 3, the US Dollar Index measuring the fluctuation of the greenback with 6 major currencies was at 106,484 points (up 0.09%).
Gold prices face difficulties due to the strong rise of the USD. This could be reinforced as activity in the US manufacturing sector increases.
The CME FedWatch tool shows that market sentiment is quite interesting, with a 74.5% probability for a 25 basis point rate cut in the upcoming meeting. This probability is up from 52.3% last week, although down from 83% a month ago. At the same time, expectations about maintaining interest rates unchanged have also been adjusted accordingly.
The Institute for Supply Management (ISM) on Monday announced that the manufacturing Purchasing Managers' Index (PMI) rose to 48.4, up from 46.5 recorded in October. Although the sector remains in contraction territory, the headline number was better than expected, with consensus forecasts only expecting the index to rise to 47.7.
GOLD SELL 2647 2649 💵
✔️ TP1: 2635
✔️ TP2: 2625
✔️ TP3: OPEN
🚫 SL: 2656
Gold prices face difficulties due to the strong rise of the USD. This could be reinforced as activity in the US manufacturing sector increases.
The CME FedWatch tool shows that market sentiment is quite interesting, with a 74.5% probability for a 25 basis point rate cut in the upcoming meeting. This probability is up from 52.3% last week, although down from 83% a month ago. At the same time, expectations about maintaining interest rates unchanged have also been adjusted accordingly.
The Institute for Supply Management (ISM) on Monday announced that the manufacturing Purchasing Managers' Index (PMI) rose to 48.4, up from 46.5 recorded in October. Although the sector remains in contraction territory, the headline number was better than expected, with consensus forecasts only expecting the index to rise to 47.7.
GOLD SELL 2647 2649 💵✔️ TP1: 2635
✔️ TP2: 2625
✔️ TP3: OPEN
🚫 SL: 2656
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