Gold Faces Tough Week Amidst Strong Data and High Treasury Yield

On Friday, as investors prepared for a closely monitored U.S. jobs report following a series of strong economic data that had pushed Treasury yields to their highest point in nine months, gold prices appeared to be heading for their most unfavorable week in six.

XAUUSD BUY LIMIT 1931- 1933🕯

✅ TP1: 1937
✅ TP2: 1942

❌ SL: 1926

تعليق:

The price of spot gold increased by 0.1% to reach $1,936.15 per ounce as of 0138 GMT, and concurrently, U.S. gold futures also experienced a 0.2% rise, reaching $1,971.70 per ounce.

تعليق:

SELL LIMIT 1937- 1940🕯

✅ TP1: 1934
✅ TP2: 1930

❌ SL: 1944

تعليق:

On Friday, gold maintained its position above $1,930 per ounce; however, it remained on track for a weekly decline due to the influence of a robust dollar and increasing Treasury yields. These factors have been accentuated by a succession of robust US economic data throughout the week.

تعليق:

In the meantime, on Thursday, the Bank of England raised its policy rate by 25 basis points and cautioned that the elevated borrowing expenses would probably endure for a considerable duration. Simultaneously, a representative from the European Central Bank advocated for maintaining the current elevated level of ECB's interest rates for an extended period.

تعليق:

Gold prices have declined more than 1.3% so far this week, having slipped to July 11 lows on Thursday as long-term U.S. Treasury yields climbed to their highest since November after employment and other economic data pointed to easing inflation.