The gold market is under technical selling pressure in the context of gold's lack of supporting factors, affecting the upward trend in prices of precious metals.
According to yesterday's news, September 7, China's economy continued to show less positive signs when exports of the world's second largest economy decreased by 8.8% over the same period last year and decreased for the second month. 4 in a row. China's imports decreased by 7.3% in August. However, these figures are still better than market expectations. China's recent weak economic data is the underlying factor driving the metals market lower due to demand concerns.
Gold remains resilient despite USD appreciation. Meanwhile, benchmark 10-year Treasury yields fell below two-week highs, providing some support for gold. According to the CME FedWatch tool, traders see a 93% chance the Fed will leave interest rates unchanged at its upcoming meeting. Higher US interest rates will increase the opportunity cost of holding gold.
Several US Federal Reserve (Fed) officials are expected to give speeches today. Traders are looking to see if the Fed provides any clues about the future direction of US monetary policy.
According to yesterday's news, September 7, China's economy continued to show less positive signs when exports of the world's second largest economy decreased by 8.8% over the same period last year and decreased for the second month. 4 in a row. China's imports decreased by 7.3% in August. However, these figures are still better than market expectations. China's recent weak economic data is the underlying factor driving the metals market lower due to demand concerns.
Gold remains resilient despite USD appreciation. Meanwhile, benchmark 10-year Treasury yields fell below two-week highs, providing some support for gold. According to the CME FedWatch tool, traders see a 93% chance the Fed will leave interest rates unchanged at its upcoming meeting. Higher US interest rates will increase the opportunity cost of holding gold.
Several US Federal Reserve (Fed) officials are expected to give speeches today. Traders are looking to see if the Fed provides any clues about the future direction of US monetary policy.
🟢TP1: 1927
🟢TP2: 1932
🔴SL: 1912