Gold price prediction in the US session
The Gold Price (XAU/USD) is facing a challenge in maintaining its recent gains, which were the first in six days. The price has dropped to its lowest level in over a week, causing market participants to look for more evidence to support their bearish views on gold. Traders of XAU/USD are reassessing the latest economic data from the United States (US) and clues from the Federal Reserve (Fed). Despite expectations of higher interest rates, there is still hope for a soft landing in the US economy. However, concerns about an economic slowdown in other major countries have also contributed to downward pressure on gold prices.
Additionally, worries about China's economic situation have further complicated matters for XAU/USD recovery. China is one of the largest consumers of gold globally but tensions between China and America and rising yields have made it difficult for gold prices to rebound.
Additionally, worries about China's economic situation have further complicated matters for XAU/USD recovery. China is one of the largest consumers of gold globally but tensions between China and America and rising yields have made it difficult for gold prices to rebound.
Trade active:
Running + 25pips ✔️✔️✔️
Trade closed: target reached:
Close Full Hit TP1 + 70pips 😮
Comment:
The August reading of the producer price index came in hotter than expected. It rose 0.7%, more than the 0.4% increase anticipated by economists polled by Dow Jones. However, excluding food and energy, core PPI increased 0.2%, in line with the estimate.
🔴 SL: 1935
🟢 TP1: 1922
🟢 TP2: 1917