The market saw significant selling pressure even as the US Federal Reserve (Fed) reported a sharp decline in the region's manufacturing activity. The gold market did not see any life line behind the disappointing manufacturing data.
The report also noted that pressure to use inflation continues to increase, which is detrimental to gold as it forces the Fed to maintain positive monetary policies. Experts say that gold will still find it difficult to find an upward momentum in the short term.
The decline in the price of gold has reached an oversold state, which could lead to an increased risk of short-term missing buybacks at this point.
In addition, the world's second largest economy, China, has just launched a series of new policies to promote the economy, such as policies to attract foreign investment, policies to promote trade and investment. . When the world's two largest economies, the US and China, both grow again, gold will lose its appeal.
The report also noted that pressure to use inflation continues to increase, which is detrimental to gold as it forces the Fed to maintain positive monetary policies. Experts say that gold will still find it difficult to find an upward momentum in the short term.
The decline in the price of gold has reached an oversold state, which could lead to an increased risk of short-term missing buybacks at this point.
In addition, the world's second largest economy, China, has just launched a series of new policies to promote the economy, such as policies to attract foreign investment, policies to promote trade and investment. . When the world's two largest economies, the US and China, both grow again, gold will lose its appeal.
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Running +30Pips ✅✅
✅ TP1: 1907
✅ TP2: 1912
🛑 SL: 1897