GOLD: Rising Higher?
Hello everyone! Today i want to share some macro analysis with you!
1.
$Gold - main 2412(GCmain)$ $XAU/USD(XAUUSD.FOREX)$ Friday 8:30 EST, will usher in the U.S. August non-farm payrolls report.
The survey showed that the U.S. quarterly non-farm payrolls are expected to increase by 160,000 in August, following an increase of 114,000 in July.
Investors are also concerned about the unemployment rate data. The survey showed that the U.S. unemployment rate in August is expected to slide from 4.3% to 4.2%.
‘If August's unemployment rate is unchanged from July's 4.3 per cent (the highest level since 2021), then gold prices will return to all-time highs as the market ramps up bets on a significant rate cut.’
‘Gold's near-term focus has shifted to the upside, however, we need to see the results of Friday's non-farm payrolls report for a clearer signal of direction. If the non-farm payrolls data disappoints, gold could test new all-time highs again.’
On 20 August, gold surged to $2,531.75 an ounce, a record high.
Should the non-farm payrolls data be weaker than expected, this could increase the likelihood of a 50 basis point rate cut by the Federal Reserve in September, which could push gold prices higher.
Follow me to learn more about analysis!!
https://x.com/TradersXauusd/status/1831951610186223661
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
