GOLD MARKET UPDATE :
Can a sustained rate cut outlook maintain Gold's rally?
- Gold hit its all-time high yesterday after the JOLTS Job Openings release.
- The data showed a more steady result with 8.756 mln job openings, up 8k from the previous month.
- However, the data may not have been sufficient to alleviate concerns about the US labor market's overall health
- XAUUSD has sustained the upward momentum since bottoming mid-March this year. The price has recorded all-time highs in the last four trading days.
- If XAUUSD sustains its upward momentum without retracement, the price may test the next potential psychological resistance at 2,300-2,350 USD per troy ounce.
- On the contrary, XAUUSD may return to 2,200-2,225 USD per troy ounce if the price retraces before its continuation.
Disclaimers: This is not investment advice. Past performance is not an indication of future results. Your capital is at risk, please trade responsibly.
Trading is risky. Excess volatility increases risks further. Be cautious. As with all major economic releases, there could be significant price volatility with this type of announcement. Volatility may work against you as well as for you.
Can a sustained rate cut outlook maintain Gold's rally?
- Gold hit its all-time high yesterday after the JOLTS Job Openings release.
- The data showed a more steady result with 8.756 mln job openings, up 8k from the previous month.
- However, the data may not have been sufficient to alleviate concerns about the US labor market's overall health
- XAUUSD has sustained the upward momentum since bottoming mid-March this year. The price has recorded all-time highs in the last four trading days.
- If XAUUSD sustains its upward momentum without retracement, the price may test the next potential psychological resistance at 2,300-2,350 USD per troy ounce.
- On the contrary, XAUUSD may return to 2,200-2,225 USD per troy ounce if the price retraces before its continuation.
Disclaimers: This is not investment advice. Past performance is not an indication of future results. Your capital is at risk, please trade responsibly.
Trading is risky. Excess volatility increases risks further. Be cautious. As with all major economic releases, there could be significant price volatility with this type of announcement. Volatility may work against you as well as for you.
Comment:
Good luck