The world gold price this morning increased strongly because the European economic area showed signs of weakness. Specifically, the August purchasing managers index (PMI) of this region was 43.7 points, although higher than 42.7 points in July and forecast at 42.6 points, but this is still staying too far above 50 points is an extension product.
This indicator shows that the number of future orders of manufacturing enterprises in Europe remains very low. This shows that the economy in this area is still difficult. Previously, some experts said that the European economy could fall into an economic recession in the last quarter of 2023 and early 2024.
After the PMI data was released, some experts said that the Central European Bank (ECB) will continuously raise interest rates from September to recover production.
If true, as predicted, the ECB continuously raises interest rates will help the currency decrease in value. Coupled with the falling value of money, the near-growth economy has created heightened risks. Therefore they have stepped up buying gold into the danger room.
XAUUSD BUY 1915- 1913🕯
✅ TP1: 1920
✅ TP2: 1927
⚠️ SL: 1905
This indicator shows that the number of future orders of manufacturing enterprises in Europe remains very low. This shows that the economy in this area is still difficult. Previously, some experts said that the European economy could fall into an economic recession in the last quarter of 2023 and early 2024.
After the PMI data was released, some experts said that the Central European Bank (ECB) will continuously raise interest rates from September to recover production.
If true, as predicted, the ECB continuously raises interest rates will help the currency decrease in value. Coupled with the falling value of money, the near-growth economy has created heightened risks. Therefore they have stepped up buying gold into the danger room.
XAUUSD BUY 1915- 1913🕯
✅ TP1: 1920
✅ TP2: 1927
⚠️ SL: 1905
Comment:
HIT TP1 + 90Pips ✅✅
