The gold price continues to decline for the seventh consecutive day on Tuesday, as the US Dollar strengthens and the US Treasury bond yields rise. This is due to positive signs of a resilient United States economy.
In September, the US ISM Manufacturing PMI showed improvement, rising from 47.6 to 49.0. This exceeded expectations of a reading of 47.9 and was driven by increased production and employment rates. Additionally, policymakers at the US Federal Reserve (Fed) reiterated their support for maintaining higher interest rates for an extended period of time. They emphasized that restrictive policy measures will be necessary in order to bring inflation back down to its target rate of 2%.
In September, the US ISM Manufacturing PMI showed improvement, rising from 47.6 to 49.0. This exceeded expectations of a reading of 47.9 and was driven by increased production and employment rates. Additionally, policymakers at the US Federal Reserve (Fed) reiterated their support for maintaining higher interest rates for an extended period of time. They emphasized that restrictive policy measures will be necessary in order to bring inflation back down to its target rate of 2%.
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It is forecasted that gold price needs to return to 1,885 USD/ounce for technical stability and 1,892 USD/ounce to strengthen market confidence.
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🕯 BUY GOLD | 1818 - 1816
🔴 SL: 1813
🟢 TP1: 1823
🟢 TP2: 1830
🔴 SL: 1813
🟢 TP1: 1823
🟢 TP2: 1830
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- The Bank of Israel announces a program to sell $30 billion in foreign currencies to provide the necessary liquidity to the markets.
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🔴The unemployment rate rose systematically as the yield curve steepened from inverted levels.
🔴Currently, the yield curve is sloping at a historically high rate.
🔴Currently, the yield curve is sloping at a historically high rate.
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Newspaper: The president of PricewaterhouseCoopers in America leaves his position after pressure.
