XAUUSD 29th AUGUST 2022
The US Labor Department reported that US initial jobless claims fell by 2,000 to 243,000 in the week ended August 20. "Another round of US economic data and Fed speeches support the idea that the Fed will stick with its aggressive tightening policy until inflation is under control.
However, investors want to see if Fed Chair Powell locks the Fed in for a 75 basis point rate hike at the September meeting, but it is likely that he will stick to the economic data and leave it until the September 13 inflation report.
Concerns about global inflation have made market players look for safe havens. Very optimistic USA monetary and fiscal policy, USD can be the main safe-haven choice besides gold . I see from COT sentiment, they have started releasing gold contracts to switch to USD. This optimism will make gold tend to be bearish towards the support area .
Prices may be higher in the event of heated political-military conflicts or natural disasters (Monkeypox, Coronavirus).
However, investors want to see if Fed Chair Powell locks the Fed in for a 75 basis point rate hike at the September meeting, but it is likely that he will stick to the economic data and leave it until the September 13 inflation report.
Concerns about global inflation have made market players look for safe havens. Very optimistic USA monetary and fiscal policy, USD can be the main safe-haven choice besides gold . I see from COT sentiment, they have started releasing gold contracts to switch to USD. This optimism will make gold tend to be bearish towards the support area .
Prices may be higher in the event of heated political-military conflicts or natural disasters (Monkeypox, Coronavirus).
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