💡 XAUUSD: Increases sharply when economic information is mixed
Updated
🔷 From last night into early morning this morning, the U.S. economy reported positive new jobless claims, but manufacturing indexes and business conditions worsened.
Specifically, the number of new U.S. unemployment insurance claims last week was 199,000, lower than the previous week's 211,000 and also lower than expected by 212,000. The average number of applications for unemployment benefits over the past four weeks also fell from 206,750 to the current 205,750.
🔷 Along with the Manufacturing Business Index, the Philadelphia Fed also released data assessing the economic outlook for October, and the result was 9.2 points, down from 11.1 points in September. The data was lower than the previous month due to lower trading volumes in the US. Both the manufacturing index numbers and the poor economic outlook led to a sharp reversal in the US dollar, contributing to the rise in gold prices. Investors believe that in addition to risks arising from escalating geopolitical tensions in the Middle East, they are also concerned about worsening economic conditions in the United States, leading to a global economic downturn. So they increased their gold purchases to protect their cash flow.
Specifically, the number of new U.S. unemployment insurance claims last week was 199,000, lower than the previous week's 211,000 and also lower than expected by 212,000. The average number of applications for unemployment benefits over the past four weeks also fell from 206,750 to the current 205,750.
🔷 Along with the Manufacturing Business Index, the Philadelphia Fed also released data assessing the economic outlook for October, and the result was 9.2 points, down from 11.1 points in September. The data was lower than the previous month due to lower trading volumes in the US. Both the manufacturing index numbers and the poor economic outlook led to a sharp reversal in the US dollar, contributing to the rise in gold prices. Investors believe that in addition to risks arising from escalating geopolitical tensions in the Middle East, they are also concerned about worsening economic conditions in the United States, leading to a global economic downturn. So they increased their gold purchases to protect their cash flow.
Note
🔷 “Geopolitical concerns coupled with the prospect of a global recession are driving gold futures prices,” said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai.Note
🔰 XAUUSD BUY LIMIT 1972 - 1974✔️TAKE PROFIT: 1980
❌STOP LOSS: 1967
Note
✔️ The gold H1 trend is also bullish as the price makes a new high, but the recent H1 bars have also pushed the price beyond the upper boundary so there may have been an overbought situation - like D1, so it is best to Wait for the price to recover and then buy, avoid chasing.Note
✔️ Gold is entering a strong upward trendNote
✔️TAKE PROFIT: 1980 . +60PIPSNote
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