Gold Prices Climb Amid Thin Trading on US Independence Day
Gold prices rose in thin electronic trading as US markets were closed for the Independence Day holiday. The price of gold for August delivery was last recorded at US$1,935.00 per ounce, marking a gain of US$5.50.
This increase followed the release of the June ISM manufacturing index by the United States on Monday. The index fell to 46%, reaching a three-year low and indicating a contraction in the sector. It was lower than the 46.9% reported in May and fell short of the expected 47.3% reading, as reported by Marketwatch.
Saxo Bank commented on the situation, noting that the US ISM index came in below expectations and reached its lowest point in three years at 46.0. The bank highlighted that this marked the eighth consecutive month of contraction in the manufacturing sector. However, despite these concerning numbers, it stated that the markets are still pricing in a July rate hike from the Federal Reserve with an 85% probability.
In light trading, the US dollar remained steady, with the ICE dollar index decreasing by 0.03 points to 102.96.
US bond markets were closed due to the holiday.
XAUUSD
SELL LIMIT 1927 - 1930💯💯
✅ TP1: 1922
✅ TP2: 1917
🛑 SL: 1933
This increase followed the release of the June ISM manufacturing index by the United States on Monday. The index fell to 46%, reaching a three-year low and indicating a contraction in the sector. It was lower than the 46.9% reported in May and fell short of the expected 47.3% reading, as reported by Marketwatch.
Saxo Bank commented on the situation, noting that the US ISM index came in below expectations and reached its lowest point in three years at 46.0. The bank highlighted that this marked the eighth consecutive month of contraction in the manufacturing sector. However, despite these concerning numbers, it stated that the markets are still pricing in a July rate hike from the Federal Reserve with an 85% probability.
In light trading, the US dollar remained steady, with the ICE dollar index decreasing by 0.03 points to 102.96.
US bond markets were closed due to the holiday.
XAUUSD
SELL LIMIT 1927 - 1930💯💯 ✅ TP1: 1922
✅ TP2: 1917
🛑 SL: 1933
