8 SEPT: Gold during the Asian and European sessions
Furthermore, the Gold buyers face uncertainty regarding the recent US Treasury bond yields. It is important to mention that when the market is worried about a potential recession, traders tend to invest in traditional safe havens such as bonds, Gold, and the Yen. However, these same factors contribute to the US Dollar's strength, something that has been lacking recently. As a result, the market's conflicting concerns offer some hope for Gold buyers, but the potential for growth seems restricted.
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You may also be interested in reading: Gold Price Forecast: XAU/USD's potential for growth seems limited until it reaches resistance at the 21-day moving average.
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: 1930
🟢 TP1: 1920
🟢 TP2: 1915