Amid cooling geopolitical tensions and a slow week for economic data releases, the gold market ultimately returned its focus to the Federal Reserve’s interest rate path.
Spot gold opened the week trading just above the $2,300 level, and spent most of the week trading in a $30 range. In the absence of other significant data, gold prices took their direction from Thursday morning’s weekly jobless claims, which surprised to the upside.
In light of Fed chair Jerome Powell's comments that rate cuts remain on the table for 2024, gold traders decided that the high jobless claims print improved those odds, and gold broke definitively above $2,330 just after 10:30 am EDT, climbing steadily for the rest of Thursday and throughout the overnight trading session before attaining its weekly peak of $2,378.56 per ounce around 6:30 am Friday morning. It continued to hold most of those gains throughout the Friday session.
💵
XAUUSD
BUY 2337 - 2334💵
✔️TP 2350
✔️TP 2355
❌SL 2327
Spot gold opened the week trading just above the $2,300 level, and spent most of the week trading in a $30 range. In the absence of other significant data, gold prices took their direction from Thursday morning’s weekly jobless claims, which surprised to the upside.
In light of Fed chair Jerome Powell's comments that rate cuts remain on the table for 2024, gold traders decided that the high jobless claims print improved those odds, and gold broke definitively above $2,330 just after 10:30 am EDT, climbing steadily for the rest of Thursday and throughout the overnight trading session before attaining its weekly peak of $2,378.56 per ounce around 6:30 am Friday morning. It continued to hold most of those gains throughout the Friday session.
💵
XAUUSD
BUY 2337 - 2334💵 ✔️TP 2350
✔️TP 2355
❌SL 2327
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+ 220 Pips 💵💵💵
