GOLD increased despite reduced volatility due to falling dollar
Updated
World gold price stood at 2,032 USD/ounce, equivalent to the price at the same time yesterday morning. Gold prices increased slightly and then decreased when the market received mixed economic information.
Specifically, negative information comes from the Conference Board survey results published on February 27 showing that the US consumer confidence index decreased in February to 106.7, down from 110. 90 revised down in January. Consumer optimism fell more than expected as economists forecast 114.8. In particular, the expectations index decreased to 79.8 from 81.5. “An expectation index below 80 typically signals an impending recession,” the report said.
On the contrary, the positive data is that the February production index in the US increased from negative 15 points last month to negative 5 points this month and higher than the negative 9 points previously forecast. The US house price index in December decreased from 6.7% to 6.6%.
When consumer confidence declines, it will affect the consumption of goods, as well as production. The sharp increase in the manufacturing index shows that the US economy is still recovering positively. Falling house prices will impact the consumer price index as well. This affects the interest rate policy of the US Federal Reserve (Fed).
Economic data is mixed, so investors are still cautious in trading.
Specifically, negative information comes from the Conference Board survey results published on February 27 showing that the US consumer confidence index decreased in February to 106.7, down from 110. 90 revised down in January. Consumer optimism fell more than expected as economists forecast 114.8. In particular, the expectations index decreased to 79.8 from 81.5. “An expectation index below 80 typically signals an impending recession,” the report said.
On the contrary, the positive data is that the February production index in the US increased from negative 15 points last month to negative 5 points this month and higher than the negative 9 points previously forecast. The US house price index in December decreased from 6.7% to 6.6%.
When consumer confidence declines, it will affect the consumption of goods, as well as production. The sharp increase in the manufacturing index shows that the US economy is still recovering positively. Falling house prices will impact the consumer price index as well. This affects the interest rate policy of the US Federal Reserve (Fed).
Economic data is mixed, so investors are still cautious in trading.
Note
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→Take Profit 1 2044
↨
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↨
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Note
USD🇺🇸GDP (QoQ) (Q4)
Previous: 3.3%
Expect: 3.3%
Current: 3.2%
Note
April gold futures have a near-term advantage despite a three-month downtrend on the daily bar chart. Bulls aim to surpass solid resistance at $2,083.20 while bears seek to push prices below technical support at $2,000.00. Immediate resistance lies at $2,053.20 and $2,061.00, while support is found at $2,033.40 and $2,025.00.Trade active
Plan SELL + 40pips, close a part move SL to entry.🔥Note
The world gold spot price is around 2,082 USD/ounce, a sharp increase of over 38 USD/ounce compared to yesterday morning's trading session. World gold prices soared sharply compared to the previous session, after major economies in the world, including the US, announced a series of less positive economic information.
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