The global gold market faces challenges as it heads into 2024, influenced by the robust recovery of the USD. Despite the precious metal experiencing a decline, its losses were mitigated by the anticipation of a potential loosening of monetary policy by the US Federal Reserve (Fed) and concerns about escalating tensions in the Red Sea.
This week, market participants eagerly await the release of the minutes from the Fed's last meeting in 2023, scheduled for Thursday. Additionally, Friday's release of December's labor market data is capturing the market's attention.
Kelvin Wong, a senior market analyst at OANDA, notes that traders will closely analyze the minutes from the Fed's final policy meeting of the previous year to gain insights into the central bank's stance on interest rates. During the recent meeting, Fed officials adopted a more dovish tone and kept the possibility of interest rate cuts open for the upcoming year.
This week, market participants eagerly await the release of the minutes from the Fed's last meeting in 2023, scheduled for Thursday. Additionally, Friday's release of December's labor market data is capturing the market's attention.
Kelvin Wong, a senior market analyst at OANDA, notes that traders will closely analyze the minutes from the Fed's final policy meeting of the previous year to gain insights into the central bank's stance on interest rates. During the recent meeting, Fed officials adopted a more dovish tone and kept the possibility of interest rate cuts open for the upcoming year.
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The PMI index measures the activity level of purchasing managers in the manufacturing industry. Actual figures greater than 50 indicate expansion in the industry, figures below 50 and a decrease from the previous month both indicate contraction in the manufacturing industry.
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NICE SELL GOLD
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Done Sell . Break out Fib
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