* Gold prices have found some support after plunging to a 7-month low,” noted Ed Moya, analyst at online trading platform OANDA. “Treasury yields are still rising, so gold’s respect of the $1,830 level could become major support. The rally in yields could continue but we should see some exhaustion as Wall Street awaits the NFP report and ahead of a long weekend.”
* Gold price turns sideways after a long sell-off ahead of US ADP Employment Change data.Job vacancies by US employers were upbeat in August, portraying strong labor demand. Fed’s Mester supports hiking interest rates in November.
Gold price (XAU/USD) remains directionless as investors shift focus to the United States labor market data, which will set an undertone for the Federal Reserve’s (Fed) November monetary policy. The broader outlook for the precious metal is bearish as Fed policymakers continue to favor further policy tightening due to a resilient economic outlook.
* The US Dollar faces barricades while extending its rally above 107.20 despite upbeat Job Openings data. Higher-than-anticipated job postings by US employers indicate strong demand for labor. Apart from the US ADP Employment Change data, investors will also focus on the US ISM Services PMI, which will deliver guidance on the demand outlook.
* Gold price turns sideways after a long sell-off ahead of US ADP Employment Change data.Job vacancies by US employers were upbeat in August, portraying strong labor demand. Fed’s Mester supports hiking interest rates in November.
Gold price (XAU/USD) remains directionless as investors shift focus to the United States labor market data, which will set an undertone for the Federal Reserve’s (Fed) November monetary policy. The broader outlook for the precious metal is bearish as Fed policymakers continue to favor further policy tightening due to a resilient economic outlook.
* The US Dollar faces barricades while extending its rally above 107.20 despite upbeat Job Openings data. Higher-than-anticipated job postings by US employers indicate strong demand for labor. Apart from the US ADP Employment Change data, investors will also focus on the US ISM Services PMI, which will deliver guidance on the demand outlook.
Comment:
- Gold price aims for a recovery as the US ADP has reported weaker-than-anticipated Employment Change data for September. The hiring process was slower as firms expected demand to decline in domestic and overseas markets.
Trade active
Comment:
Gold has recovered due to the war.
Comment:
The Israel-Gaza conflict is said to have supported some safe-haven gold prices
