Gold holds high ground despite the DXY advance
As Gold looks to snap its recent run of losses this week the US Dollar has remained supported on fears that the US Federal Reserve will need to keep rates higher for longer. This comes as US data with the exception of the PMIs this week remains strong. Strong labor data and US Durable Goods numbers yesterday further strengthening the idea of higher rates while hawkish Fed comments tied into the narrative.
Market participants are keenly awaiting the comments by Jerome Powell at the Jackson Hole Symposium later today. Given the strength on display by the Dollar Index (DXY) this week, it would appear that the majority of the hawkishness is priced in and could leave the Dollar with a touch task of advancing further. Should Powell convey a similar message as we have heard of late, I am not sure how much more bullishness does the Dollar Index have left in the tank. Without anything new from the Fed Chair there is a very real possibility of some Dollar weakness today heading into the weekend.
Market participants are keenly awaiting the comments by Jerome Powell at the Jackson Hole Symposium later today. Given the strength on display by the Dollar Index (DXY) this week, it would appear that the majority of the hawkishness is priced in and could leave the Dollar with a touch task of advancing further. Should Powell convey a similar message as we have heard of late, I am not sure how much more bullishness does the Dollar Index have left in the tank. Without anything new from the Fed Chair there is a very real possibility of some Dollar weakness today heading into the weekend.
Giao dịch đang hoạt động:
Running + 55pips ✔️✔️✔️
Giao dịch đang hoạt động:
HIT TP1 + 80pips. Heading to TP2 ✔️✔️✔️
Bình luận:
Powell: 2% is and will remain our inflation target
Bình luận:
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.
🔴 SL: 1900
🟢 TP1: 1913
🟢 TP2: 1918