🔥 DXY INDEX bearish analysis) 1D tame Fram 🖼️) 🕐🕐
hello traders what do you think about dxy index)?
guys dxy index. Breakdecline
Support level that a retest Rsl
105.000 breakdance to confirm selling pressure
down. Support level 104.300
Gold poised for first weekly drop in four before US jobs data
Dec 8, 202315:23 GMT+5
KEY POINTS:
Gold down 1.5%, silver loses over 6.6% this week
U.S. dollar on track to snap three straight weeks of losses
U.S. non-farm payrolls data due at 1330 GMT
Gold prices were flat on Friday, as markets looked forward to the crucial U.S. jobs data for more clues on the Federal Reserve's monetary policy decision, although a firmer dollar kept bullion on track for its first weekly fall in four.
Spot gold
GOLD
was steady at $2,027.39 per ounce by 0951 GMT. Bullion, however, has fallen nearly 1.5% for the week so far. U.S. gold futures
GOLD
were flat at $2,043.70.
Bullion scaled an all-time peak of $2,135.40 on Monday on elevated bets for a rate cut by the Fed, before dropping more than $100 on uncertainty over the cut's timing.
"Traders are expecting to get a clear idea on how the Fed is going to change their policy decisions in the coming meeting - so today's jobs data would be the primary key," said Hareesh V, head of commodity research at Geojit Financial Services.
"Major crash in gold is not the immediate trend because most of the parameters are favouring prices and the Fed policy would be the key trigger that can guide medium to long term direction of gold prices"
The U.S. non-farm payrolls report for November is due at 1330 GMT. It is expected to show that employers added 180,000 jobs last month. (USNFAR=ECI)
The dollar index
DXY
, meanwhile, was up 0.2% and set to snap a three-week losing streak, making gold more expensive for other currency holders.
Markets are pricing in a 60% chance of a U.S. rate cut as soon as March, CME's FedWatch Tool showed. Lower interest rates boost the appeal of holding gold.
Spot silver
XAGUSD1!
lost 0.2% to $23.73 per ounce, while platinum
PL1!
gained 1.3% to $918.84. Both were set for weekly declines.
"Palladium's long-term bear market looks set to continue, with prices likely to halve again over the next 2-3 years," Citi Research said in a note.
Palladium
XPDUSD1!
rose 0.6% to $975.81, but was set to log a second weekly loss.
guys dxy index. Breakdecline
Support level that a retest Rsl
105.000 breakdance to confirm selling pressure
down. Support level 104.300
Gold poised for first weekly drop in four before US jobs data
Dec 8, 202315:23 GMT+5
KEY POINTS:
Gold down 1.5%, silver loses over 6.6% this week
U.S. dollar on track to snap three straight weeks of losses
U.S. non-farm payrolls data due at 1330 GMT
Gold prices were flat on Friday, as markets looked forward to the crucial U.S. jobs data for more clues on the Federal Reserve's monetary policy decision, although a firmer dollar kept bullion on track for its first weekly fall in four.
Spot gold
GOLD
was steady at $2,027.39 per ounce by 0951 GMT. Bullion, however, has fallen nearly 1.5% for the week so far. U.S. gold futures
GOLD
were flat at $2,043.70.
Bullion scaled an all-time peak of $2,135.40 on Monday on elevated bets for a rate cut by the Fed, before dropping more than $100 on uncertainty over the cut's timing.
"Traders are expecting to get a clear idea on how the Fed is going to change their policy decisions in the coming meeting - so today's jobs data would be the primary key," said Hareesh V, head of commodity research at Geojit Financial Services.
"Major crash in gold is not the immediate trend because most of the parameters are favouring prices and the Fed policy would be the key trigger that can guide medium to long term direction of gold prices"
The U.S. non-farm payrolls report for November is due at 1330 GMT. It is expected to show that employers added 180,000 jobs last month. (USNFAR=ECI)
The dollar index
DXY
, meanwhile, was up 0.2% and set to snap a three-week losing streak, making gold more expensive for other currency holders.
Markets are pricing in a 60% chance of a U.S. rate cut as soon as March, CME's FedWatch Tool showed. Lower interest rates boost the appeal of holding gold.
Spot silver
XAGUSD1!
lost 0.2% to $23.73 per ounce, while platinum
PL1!
gained 1.3% to $918.84. Both were set for weekly declines.
"Palladium's long-term bear market looks set to continue, with prices likely to halve again over the next 2-3 years," Citi Research said in a note.
Palladium
XPDUSD1!
rose 0.6% to $975.81, but was set to log a second weekly loss.
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Comment:
104.300
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