Gold Pressured by Strong US Economic Data and Rate Hikes
Updated
Gold remained below $1,960 per ounce on Friday, heading for a weekly decline, as it faced renewed pressure from robust US economic data that strengthened the case for the Federal Reserve to continue tightening its policies.
In the second quarter of 2023, the US economy expanded by 2.4%, surpassing market expectations of a 1.8% increase. Furthermore, US durable goods orders exceeded forecasts in June, and both initial and continuing jobless claims reached multi-month lows last week.
Earlier in the week, the Fed implemented a widely anticipated 25 basis point rate hike, with Fed Chair Jerome Powell hinting at the possibility of further rate increases in the future.
Meanwhile, the European Central Bank also raised its rates by a quarter-point on Thursday, while the Bank of Japan maintained its ultra-easy monetary policy on Friday.
XAUUSD SELL LIMIT 1963 - 1965🕯🕯
✅ TP1: 1957
✅ TP2: 1952
✅ TP3: 1947
❌ SL: 1968
In the second quarter of 2023, the US economy expanded by 2.4%, surpassing market expectations of a 1.8% increase. Furthermore, US durable goods orders exceeded forecasts in June, and both initial and continuing jobless claims reached multi-month lows last week.
Earlier in the week, the Fed implemented a widely anticipated 25 basis point rate hike, with Fed Chair Jerome Powell hinting at the possibility of further rate increases in the future.
Meanwhile, the European Central Bank also raised its rates by a quarter-point on Thursday, while the Bank of Japan maintained its ultra-easy monetary policy on Friday.
XAUUSD SELL LIMIT 1963 - 1965🕯🕯✅ TP1: 1957
✅ TP2: 1952
✅ TP3: 1947
❌ SL: 1968
Note
News Today:- Core PCE Price Index m/m
- Employment Cost Index q/q
- Revised UoM Consumer Sentiment
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