Gold needs weak economic data as a catalyst to push prices higher next week
The gold market is in need of a catalyst to break its current downtrend, with the upcoming economic data playing a crucial role in determining its direction.
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Posted 8/25/2023, 8:10:00 PM
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Gold and silver prices rise as the weaker U.S. dollar index and dip in U.S. Treasury yields attract futures traders and bargain hunters, while anxieties build over upcoming speeches from the Fed and ECB on future monetary policy direction and the potential shift in the Fed's inflation goal.
The gold market is experiencing technical selling pressure and a decline in response to better-than-expected US labor market data.
Gold has found support at the 50-Week EMA, suggesting consolidation and a potential target of $2000, but breaking below $1900 could have negative implications for the gold market; the bond markets and interest rates should be monitored to determine gold's future direction, and caution is advised due to the end of summer and the absence of major players in the market.
Gold price is aiming to sustain above $1,920.00 as pressure builds on the US Dollar and Treasury yields, with the upcoming labor market data playing a crucial role in guiding the Federal Reserve's policy action.
Renewed physical demand from emerging markets, such as India and China, could reignite the gold market's bullish uptrend and drive prices higher towards $2,000 an ounce before the end of the year, according to market strategist George Milling-Stanley.
Gold and silver prices rise to three-week and four-week highs respectively, driven by weaker-than-expected U.S. economic data and a decline in the U.S. dollar index.
Gold reaches its highest point in nearly a month due to weak U.S. economic readings, suggesting that the Federal Reserve may halt its interest rate hikes.
The gold market remains steady despite stable inflation pressures, suggesting that the US central bank may be able to end its tightening cycle.
Gold prices rose slightly last week while silver remained mostly unchanged, but both metals are expected to potentially move together in an upward direction next week due to a dovish outlook on interest rates and potential repricing of the Federal Reserve's monetary policy.
Gold prices decline slightly as the dollar remains strong, with investors awaiting further signals on the U.S. Federal Reserve's monetary policy after an expected interest rate pause this month.
The gold market is experiencing selling pressure due to better-than-expected jobless claims data, easing fears of an economic slowdown and potentially leading to a longer maintenance of elevated interest rates by the Federal Reserve.
The dollar index has been on a sustained rally since mid-July, leading to a slight decline in gold prices due to the inverse relationship between the two, but gold has held up well despite the strength of the dollar.
The Bank of England's rapid pace of bond sales is causing concern among investors and creating a "selling gold at the bottom" moment, as the central bank unwinds its holdings and faces massive losses, while pushing down gilt prices and worsening losses for taxpayers. The pace of the sales is faster than that of other central banks and is reminiscent of the controversial gold disposal in the early 2000s, leading some to believe it could mark the bottom of the market, presenting an investment opportunity.
This article describes a 5-minute bar chart for Comex gold futures that can be used as an analytical and trading tool for intra-day gold futures traders, providing key moving averages and potential entry points.
Gold prices rose as the dollar weakened and investors awaited central bank policy meetings, with the Fed expected to pause on interest rate hikes.