Hello everyone, it's a pleasure to share and explore the market with you today. Currently, the gold market (24/8) has experienced a significant increase compared to the previous session. Gold is now far surpassing the dangerous price level of $1900 USD after economic data from Europe revealed a less positive purchasing managers' index (PMI), prompting investors to increase their gold purchases as a precaution against risks.
Specifically, the PMI for this region in August was 43.7 points, higher than July's 42.7 points and above the forecasted 42.6 points. However, this figure still falls far below the expansionary threshold of 50 points for production.
Therefore, today's main trend remains strong selling of gold. Wishing you all successful trading endeavors
Specifically, the PMI for this region in August was 43.7 points, higher than July's 42.7 points and above the forecasted 42.6 points. However, this figure still falls far below the expansionary threshold of 50 points for production.
Therefore, today's main trend remains strong selling of gold. Wishing you all successful trading endeavors
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good luck everyone <3
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What do you think about the current gold price?
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The longer the Fed maintains these high interest rates, the greater the risk they pose to the economy.
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Investors also looked to gold while waiting for the annual symposium of the US Federal Reserve (Fed) to be held at the weekend in Jackson Hole, Wyoming.
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The demand for buying to pay for short-selling contracts as well as bottom-fishing activities helped gold price rise again.
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Gold also increased because many stock markets around the world were under pressure to reduce because the economy received many negative signals.
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The world USD appreciated strongly in the middle of the last week when China continued to loosen monetary policy, causing the yuan to weaken further.
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While bullish on gold prices for the rest of the year, it should be noted that the precious metal will face some significant challenges in the near term.
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Despite the strong rise of USD, gold prices are still adjusting within a narrow range without much concern.
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Gold is on the right track
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"Gold is surprisingly strong even when the US dollar is strong this week and the culprit is the weakness of the euro (57.6% in DXY). The strength of the US dollar is truly remarkable due to its reaction to support tests, but gold continues to rise even in that context."
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US economic data continues to play an important role in the gold market sentiment. The US Federal Reserve (Fed) has vowed to keep interest rates higher for a long time as the economic situation continues to support the labor market.
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The spot gold price quickly rebounded to $1,936 per ounce due to a rapid decrease in the USD.
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Precious metals continue to increase and are moving towards the threshold of 1,950 USD/ounce. Meanwhile, the USD is still decreasing slightly.
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Last week, 11 Wall Street analysts participated in Kitco News' gold survey. In which 64% of experts forecast that the gold price will increase higher in the coming time, another 27%, predict that the gold price will decrease, the remaining 9% have the view that the gold price will go sideways.
