In the past 48 hours, gold prices weakened by nearly -1.7% due to an increase in long-term US Treasury yields, particularly the 10 and 30-year bonds. XAU/USD, which is often seen as a safe-haven asset, follows the inverse relationship between the US dollar and Treasury yields.
Currently, retail traders seem to be returning to holding gold in their portfolios for the long term. This can be observed through the IG Client Sentiment (IGCS), which acts as a contrarian indicator.
Currently, retail traders seem to be returning to holding gold in their portfolios for the long term. This can be observed through the IG Client Sentiment (IGCS), which acts as a contrarian indicator.
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🔹Fitch Ratings’ downgrade of its U.S. government debt rating fueled more of the partisan bickering that the firm said was raising concerns about America’s ability to tackle its budget deficits.
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Thursday, the ISM said its Services Purchasing Managers Index fell to a reading of 52.7% last month, down from June's reading of 53.9%. The data also missed consensus estimates as economists were expecting a small drop to 53.1%.
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🐾 SELL XAUUSD zone 1952 - 1954
⚠️ Stop Loss : 1960
💲 Take Profit 1: 1946
💲 Take Profit 2: 1940
💲 Take Profit 3: 1930
🐾 BUY XAUUSD zone 1915 - 1917
⚠️ Stop Loss : 1910
💲 Take Profit 1: 1925
💲 Take Profit 2: 1930
💲 Take Profit 3: 1935
⚠️ Stop Loss : 1960
💲 Take Profit 1: 1946
💲 Take Profit 2: 1940
💲 Take Profit 3: 1930
🐾 BUY XAUUSD zone 1915 - 1917
⚠️ Stop Loss : 1910
💲 Take Profit 1: 1925
💲 Take Profit 2: 1930
💲 Take Profit 3: 1935
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Friday's surprise payroll data miss showed 187,000 jobs created versus 200,000 expected, which helped Gold find its footing and recover from its recent slump. Will a single miss be enough to stave off the Fed's aggressive stance on rate hikes?
