Gold rallied to a three-week high after the US job turnover report and the consumer confidence index report were both much weaker than expected.
Neither report supports the view of US monetary policy advocates, who say the Fed has effectively raised interest rates enough to slow US economic growth. This is the start of an important week for US economic reports.
A cooling labor market is helping give momentum to the gold market, but it may be too early for advisors to see a decisive attitude in the market, according to one market strategist.
In a note to clients, Alex Kuptsikevich, senior market analyst at FXPro, said that gold may be running out of steam as the market continues to trend around the 50-day moving average and key pullbacks. . At the same time, the forecast for spot gold still has a trending basis below $1,900 per ounce.
“The rally since the beginning of last week is consistent with a Fibonacci retracement pattern, which lost momentum when it reached 61.8% of the initial decline. Final confirmation of this pattern will be a return to August's local level at $1,885, paving the way to $1,820,” he said.
XAUUSD SELL 1936-1938🕯
✔️ TP1: 1932
✔️ TP2: 1926
🚫 SL: 1943
Neither report supports the view of US monetary policy advocates, who say the Fed has effectively raised interest rates enough to slow US economic growth. This is the start of an important week for US economic reports.
A cooling labor market is helping give momentum to the gold market, but it may be too early for advisors to see a decisive attitude in the market, according to one market strategist.
In a note to clients, Alex Kuptsikevich, senior market analyst at FXPro, said that gold may be running out of steam as the market continues to trend around the 50-day moving average and key pullbacks. . At the same time, the forecast for spot gold still has a trending basis below $1,900 per ounce.
“The rally since the beginning of last week is consistent with a Fibonacci retracement pattern, which lost momentum when it reached 61.8% of the initial decline. Final confirmation of this pattern will be a return to August's local level at $1,885, paving the way to $1,820,” he said.
XAUUSD SELL 1936-1938🕯
✔️ TP1: 1932
✔️ TP2: 1926
🚫 SL: 1943
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