Gold is waiting to accumulate
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Gold yesterday opened the weekly trading session with an upward trend from 1916 to 1930 when the USD experienced declines and corrections after the Bank of Japan's move caused the market to increase expectations for the future. The Yen negative interest rate period will soon end.
The US Dollar Index (DXY) fell to around 104.60, trying to offset losses thanks to positive developments in United States (US) bond yields. The US 10-year Treasury yield rose to 4.30% at the time of writing.
Strong economic data in August put pressure on gold prices. Although the labor market has shown weakness over the past few weeks, it recently experienced a pullback with two strong reports including the ISM Services PMI and Initial Jobless Claims, both all exceeded market expectations. As long as data continues to show a mixed outlook, market participants can expect prices to stabilize
The US Dollar Index (DXY) fell to around 104.60, trying to offset losses thanks to positive developments in United States (US) bond yields. The US 10-year Treasury yield rose to 4.30% at the time of writing.
Strong economic data in August put pressure on gold prices. Although the labor market has shown weakness over the past few weeks, it recently experienced a pullback with two strong reports including the ISM Services PMI and Initial Jobless Claims, both all exceeded market expectations. As long as data continues to show a mixed outlook, market participants can expect prices to stabilize
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Gold prices remain unchanged amid uncertainty over record interest rates for the rest of the year, while September monetary policy is expected to remain unchanged amid supportive economic data . The world gold price on Kitco is at 1,921 USD, up 2.74 USD compared to the previous session.Catatan
Expectations were lifted by upbeat US macro data released last week, which showed the economy is resilient and will allow the Fed to maintain higher interest rates for longer. The hawkish outlook remains supportive of rising US Treasury yields and pushed the US Dollar (USD) to a six-month peak last week. However, the greenback saw some profit-taking on Monday and fell near multi-day lows on Tuesday, providing some support to Gold prices.Catatan
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🟢 TP1: 1911
🟢 TP2: 1916
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If US CPI figures meet or exceed expectations, that could add further downward pressure on Gold. Headline CPI data for August is forecast to come in at 0.6%, a step up from 0.2% last month. Core CPI (CPI excluding food and energy prices) over the same period is expected to hold steady at 0.2%.Looking ahead to Thursday, US Retail Sales growth figures are expected to soften slightly. August Retail Sales data expected to come in at 0.2%; still a positive number, but down from 0.7% growth the previous month.
Disappointing economic calendar data could provide a solid round of support for XAU/USD, but growing economic activity will send the Greenback higher and push Gold another step lower.
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After the European Central Bank's Monetary Policy Committee meeting on Thursday, most members of the committee, led by Governor Christine Lagarde, agreed to raise the key interest rate by 25 basis points to 4.50%.
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