XAU price prediction at the end of the day
Global gold prices rose yesterday, but not by much as they are held back by the strong US dollar. The DXY index is now above 105, its highest level in about six months.
“The recent reversal in US economic data from weak to strong has renewed hopes that the Fed will not move yet to raise rates,” said Ole Hansen, head of product strategy at Saxo Bank. commented.
The dollar traded near its highest level since March 2023 after better-than-expected U.S. services data. Meanwhile, 10-year U.S. Treasury yields fell from a two-week high earlier in the day.
On Sept. 6, Boston Fed President Susan Collins urged the central bank to take cautious next steps in monetary policy, but also noted signs of an economic slowdown. inflationary.
Traders see a roughly 93% chance that the Fed will keep rates unchanged at its two-day meeting on Sept. 19-20, according to the CME's FedWatch tool.
The Fed's Sept. 6 report showed that US economic growth was modest in July and August on the back of a slowing job market and easing inflationary pressures.
Traders will continue to monitor U.S. jobless claims data released later in the day to get a better understanding of the state of the job market.
According to the current US dollar exchange rate (24,220 VND/USD), the world gold price is 56,271 million VND/tail, he is 12,379 million VND/tail cheaper than the domestic market. So, today, September 8, 2023, the world market gold price (as of 7am) is around $1,919/oz.
“The recent reversal in US economic data from weak to strong has renewed hopes that the Fed will not move yet to raise rates,” said Ole Hansen, head of product strategy at Saxo Bank. commented.
The dollar traded near its highest level since March 2023 after better-than-expected U.S. services data. Meanwhile, 10-year U.S. Treasury yields fell from a two-week high earlier in the day.
On Sept. 6, Boston Fed President Susan Collins urged the central bank to take cautious next steps in monetary policy, but also noted signs of an economic slowdown. inflationary.
Traders see a roughly 93% chance that the Fed will keep rates unchanged at its two-day meeting on Sept. 19-20, according to the CME's FedWatch tool.
The Fed's Sept. 6 report showed that US economic growth was modest in July and August on the back of a slowing job market and easing inflationary pressures.
Traders will continue to monitor U.S. jobless claims data released later in the day to get a better understanding of the state of the job market.
According to the current US dollar exchange rate (24,220 VND/USD), the world gold price is 56,271 million VND/tail, he is 12,379 million VND/tail cheaper than the domestic market. So, today, September 8, 2023, the world market gold price (as of 7am) is around $1,919/oz.
🟢TP: 1923
🟢TP: 1920
🔴SL: 1932