Gold has just spent a week increasing by more than 1.3% in value
Gold prices have just spent a week up more than 1.3% in value as Chairman Jerome Powell signaled that interest rates will continue to rise this year. At the Central Bank Symposium in Jackson Hole, the head of the Fed made clear, will maintain the 2% inflation target and not seek to cut interest rates soon.
Gold is surprisingly strong even with the dollar strong this week and the culprit is euro weakness (by 57.6% DXY). The dollar's strength has been amazing thanks to the reaction to tests of support, but gold continues to rise even against that backdrop.
Gold is surprisingly strong even with the dollar strong this week and the culprit is euro weakness (by 57.6% DXY). The dollar's strength has been amazing thanks to the reaction to tests of support, but gold continues to rise even against that backdrop.
Comment:
Revised Q2 GDP will also be released, along with the PCE and ISM manufacturing, which should help investors confirm what the Fed-driven interest rate trajectory will look like, as the agency tries to balance by inflation and growth risks.
Comment:
🕯 BUY GOLD | 1909 - 1912
🔴 SL: 1904
🟢 TP1: 1917
🟢 TP2: 1922
🔴 SL: 1904
🟢 TP1: 1917
🟢 TP2: 1922
Comment:
🔹Newspaper: Goldman Sachs used Chinese government funds to buy American companies.
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The key Non-farm payrolls number is expected to rise to 170,000, compared with a gain of 187,000 in the July report.
Comment:
The dollar index declined and government bond yields varied after the emergence of US unemployment data.
