How should gold be traded today?
Updated
Gold prices have rallied strongly over the past week, also benefiting from safe-haven demand as traders become increasingly uncertain about the US economic outlook.
All eyes are on Gold buyers as ADP Employment Change drops to 177K vs. market forecast of 195K and previous figure of 371K.
Similarly, the second annual U.S. Gross Domestic Product (GDP) figures for the second quarter (Q2) fell to 2.1% from the initial forecast of 2.4%.
The data is a direct influence on the price of the Dollar falling and Gold benefiting.
Today and tomorrow, we still have 2 important news time frames: core PCE and Non-Farm waves that will strongly affect the change in Gold price, so to be safe, you should close command before message.
All eyes are on Gold buyers as ADP Employment Change drops to 177K vs. market forecast of 195K and previous figure of 371K.
Similarly, the second annual U.S. Gross Domestic Product (GDP) figures for the second quarter (Q2) fell to 2.1% from the initial forecast of 2.4%.
The data is a direct influence on the price of the Dollar falling and Gold benefiting.
Today and tomorrow, we still have 2 important news time frames: core PCE and Non-Farm waves that will strongly affect the change in Gold price, so to be safe, you should close command before message.
Note
According to the US Bureau of Economic Analysis' second quarter gross domestic product report, the economy grew by 2.1%, lower than expectations.Note
The Fed has said it will need to consider a slowdown in the labor market as a condition for ending the current tightening cycle.
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