Gold price prediction today 7/9/2023
Gold Price (XAU/USD) is struggling to maintain its recent gains after six consecutive days of decline. The price of gold has hit its lowest level in over a week, as investors search for further indications on the market's bearish outlook for the precious metal. Traders of XAU/USD are currently reevaluating the most recent data from the United States and clues provided by the Federal Reserve, all while hoping for a soft landing in the US economy despite rising interest rates.
Additionally, concerns about economic slowdowns in other major countries are contributing to downward pressure on Gold Price. This is compounded by worries about China, one of the largest consumers of gold worldwide. The ongoing tensions between China and America, along with high yields on other investments, are making it even more challenging for XAU/USD to recover from its current slump.
In summary, various factors such as US economic data, Federal Reserve signals, global economic slowdowns, Sino-American conflicts and optimistic yields have all contributed to Gold Price facing significant obstacles recently.
Additionally, concerns about economic slowdowns in other major countries are contributing to downward pressure on Gold Price. This is compounded by worries about China, one of the largest consumers of gold worldwide. The ongoing tensions between China and America, along with high yields on other investments, are making it even more challenging for XAU/USD to recover from its current slump.
In summary, various factors such as US economic data, Federal Reserve signals, global economic slowdowns, Sino-American conflicts and optimistic yields have all contributed to Gold Price facing significant obstacles recently.
Trade active:
Running + 25pips ✔️✔️✔️
Trade closed: target reached:
Close Full Hit TP1 + 70pips 😮
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: 1935
🟢 TP1: 1922
🟢 TP2: 1917