XAUUSD - Trading strategy today December 15, 2023
Also last night - early this morning, the US economy announced more positive economic and employment data. Specifically, the number of first-time applications for unemployment benefits last week was at 202,000 applications, lower than the forecast 220,000 applications and lower than the previous week's level of 221,000 applications.
Along with that, annual retail sales in November increased sharply by 4.09% over the same period, much higher than October's level of 2.24%. Monthly sales in November in the US also increased by 0.3%, higher than the negative increase of 0.2% in October and the negative 0.1% previously forecast.
Despite positive economic and employment data, the USD continued to decline for the second consecutive session. Specifically, the Dollar-Index - measuring the strength of the USD in a basket of 6 major currencies - dropped sharply by 0.88% to 101,960 points at 6:34 a.m. this morning (Hanoi time).
The plummeting USD has helped investors continue to buy gold. They believe that central banks, including the Fed and ECB, will not further increase operating interest rates for two strong currencies, USD and EUR, and may soon reduce interest rates in the next two quarters. This has made investors expect that the gold market will continue to grow well.
Experts say that despite the low USD, the cost of speculation and gold transactions has dropped sharply. However, investors should also consider, because a positive economy and the possibility of reduced interest rates will promote better economic growth, gold will reduce its role as a cash flow shelter. Currently, the large SPDR fund, after a net buying session on December 13, returned to take a slight profit on the December 14 session. Large cash flows taking profits from precious metals will push gold prices down deeply. Therefore, investors should take profits when gold has given profits.
Along with that, annual retail sales in November increased sharply by 4.09% over the same period, much higher than October's level of 2.24%. Monthly sales in November in the US also increased by 0.3%, higher than the negative increase of 0.2% in October and the negative 0.1% previously forecast.
Despite positive economic and employment data, the USD continued to decline for the second consecutive session. Specifically, the Dollar-Index - measuring the strength of the USD in a basket of 6 major currencies - dropped sharply by 0.88% to 101,960 points at 6:34 a.m. this morning (Hanoi time).
The plummeting USD has helped investors continue to buy gold. They believe that central banks, including the Fed and ECB, will not further increase operating interest rates for two strong currencies, USD and EUR, and may soon reduce interest rates in the next two quarters. This has made investors expect that the gold market will continue to grow well.
Experts say that despite the low USD, the cost of speculation and gold transactions has dropped sharply. However, investors should also consider, because a positive economy and the possibility of reduced interest rates will promote better economic growth, gold will reduce its role as a cash flow shelter. Currently, the large SPDR fund, after a net buying session on December 13, returned to take a slight profit on the December 14 session. Large cash flows taking profits from precious metals will push gold prices down deeply. Therefore, investors should take profits when gold has given profits.
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