World gold prices this morning fluctuated slightly with spot gold increasing by 2.8 USD to 1,919.3 USD/ounce. December gold futures last traded at 1,942.5 USD/ounce, up 0.9 USD compared to yesterday morning.
Traders are waiting for further US economic data to guide prices. As expected, the consumer price index report of August will be published on September 13.
The gold market is under technical selling pressure in the context of gold's lack of supporting factors, affecting the upward trend in prices of precious metals.
According to news yesterday, September 7, the Chinese economy continued to show less positive signs when the world's second largest economy's exports decreased by 8.8% over the same period last year and decreased for the fourth consecutive month. China's imports decreased by 7.3% in August. However, these numbers are still better than market expectations. China's recent weak economic data is the underlying factor driving the metals market lower due to demand concerns.
Traders are waiting for further US economic data to guide prices. As expected, the consumer price index report of August will be published on September 13.
The gold market is under technical selling pressure in the context of gold's lack of supporting factors, affecting the upward trend in prices of precious metals.
According to news yesterday, September 7, the Chinese economy continued to show less positive signs when the world's second largest economy's exports decreased by 8.8% over the same period last year and decreased for the fourth consecutive month. China's imports decreased by 7.3% in August. However, these numbers are still better than market expectations. China's recent weak economic data is the underlying factor driving the metals market lower due to demand concerns.
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Running +20pips
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Gold remains resilient despite the rise of the USD. Meanwhile, a drop in benchmark 10-year Treasury yields below a two-week high provided some support for gold. According to the CME FedWatch tool, traders see a 93% chance that the Fed will keep rates unchanged at its next meeting. Higher US interest rates will increase the opportunity cost of holding gold.
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HIT TP1 +40pips
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TP1 : 1922
TP2: 1918
SL: 1932