XAUUSD: Gold Prediction ADP NF 04 OCT
Updated
The price of gold is continuing its losing streak, now entering the sixth consecutive day of decline. This can be attributed to the US Dollar, which is currently seeking fresh demand despite the United States avoiding a government shutdown. Over the weekend, the US Congress passed a stopgap funding bill with strong support from Democrats in an effort to prevent a partial shutdown of the federal government - something that has happened four times in the past ten years.
The business PMIs (Purchasing Managers' Index) from China were released over the weekend and showed mixed results. This has negatively affected investor sentiment due to light trading induced by China's Golden Week holiday. The Caixin/S&P Global manufacturing PMI for September decreased to 50.6 compared to 51.0 in August, falling short of forecasts at 51.2. Similarly, the services index dropped from 51.8 in August to 50.2 in September - its lowest reading since December.
However, official data released by China's National Bureau of Statistics on Saturday revealed that both Manufacturing PMI and Non-Manufacturing PMI exceeded expectations for September at 50.2 and 51 respectively.
Overall, these factors have contributed to gold prices experiencing consistent declines as investors remain cautious amidst economic uncertainties both domestically and internationally.
The business PMIs (Purchasing Managers' Index) from China were released over the weekend and showed mixed results. This has negatively affected investor sentiment due to light trading induced by China's Golden Week holiday. The Caixin/S&P Global manufacturing PMI for September decreased to 50.6 compared to 51.0 in August, falling short of forecasts at 51.2. Similarly, the services index dropped from 51.8 in August to 50.2 in September - its lowest reading since December.
However, official data released by China's National Bureau of Statistics on Saturday revealed that both Manufacturing PMI and Non-Manufacturing PMI exceeded expectations for September at 50.2 and 51 respectively.
Overall, these factors have contributed to gold prices experiencing consistent declines as investors remain cautious amidst economic uncertainties both domestically and internationally.
Note
It is forecasted that gold price needs to return to 1,885 USD/ounce for technical stability and 1,892 USD/ounce to strengthen market confidence.Note
🕯 BUY GOLD | 1818 - 1816🔴 SL: 1813
🟢 TP1: 1823
🟢 TP2: 1830
Note
- The Bank of Israel announces a program to sell $30 billion in foreign currencies to provide the necessary liquidity to the markets.
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