At the beginning of this week, international gold prices increased sharply from 2,314 USD/oz to 2,387 USD/oz because investors expected the FED to cut interest rates next September after the European Central Bank and the Bank of Canada. interest rate cuts. However, gold price then dropped sharply to 2,286 USD/oz and closed the week at 2,293 USD/oz.
The reason why international gold prices dropped sharply this weekend was due to two negative impacts:
First, the PBoC (People's Bank of China) announced that it had temporarily stopped buying gold from May, ending a streak of 18 consecutive months of gold buying.
Second, the US economy created 272,000 jobs in May, far exceeding expectations. At the same time, wages increased by 0.4%, also exceeding expectations. This causes the market to predict that the FED will continue to postpone interest rate cuts.
🟢BUY price area 2251 - 2349 stoploss 2245
🔴SELL price zone 2345 - 2347 stoploss 2351
The reason why international gold prices dropped sharply this weekend was due to two negative impacts:
First, the PBoC (People's Bank of China) announced that it had temporarily stopped buying gold from May, ending a streak of 18 consecutive months of gold buying.
Second, the US economy created 272,000 jobs in May, far exceeding expectations. At the same time, wages increased by 0.4%, also exceeding expectations. This causes the market to predict that the FED will continue to postpone interest rate cuts.
🟢BUY price area 2251 - 2349 stoploss 2245
🔴SELL price zone 2345 - 2347 stoploss 2351
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.