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Gold fell sharply after no news from the fedThe positive economic data recently released has caused investors to take profits on gold, shifting their investments to profitable assets such as stocks. Investors are also selling gold because today, the Federal Open Market Committee (FOMC) will release the minutes of last month's meeting. The employment report and positive economic data, investors expect the report will also have a positive assessment of the economy, as well as the interest rate policy may remain unchanged so that the Federal Reserve can maintain the conditions to bring inflation to the target of 2%.
TVC:GOLD
by NicoTradingMaster
Gold fluctuates amid Fed newsInvestors are looking ahead to data on the ISM services sector index and initial jobless claims, both of which are scheduled for release along with US NFP data on Friday. Data released on Wednesday showed NFP figures rose more than expected in September, suggesting the labor market remains strong. According to the CME FedWatch Tool, the probability of the Fed cutting interest rates by 50 basis points has decreased. The market is now pricing in a 37% chance of that happening, down from 49% last week. Gold tends to gain in a climate of low interest rates and political uncertainty.
TVC:GOLD
by NicoTradingMaster
Gold is being supported to increase in price from many sides.Notably, the US manufacturing purchasing managers index (PMI) for September fell short of forecasts and the previous month. The personal consumption expenditures (PCE) price index for August fell sharply from 2.5% in July to 2.2% year-over-year. The PCE price index for August also fell from 0.2% to 0.1%. Personal spending fell sharply from 0.5% in July to 0.2%. Personal income also fell from a 0.3% increase in July to 0.2% in August, below the forecast of 0.4%. The PCE index is a measure of inflation based on changes in personal consumption and is used by the Fed as its preferred indicator of inflation. Personal spending can reflect consumer optimism.
TVC:GOLD
by NicoTradingMaster
EUR/USD Trade Setup – 1 Hour TimeframeMessy Price Action 🤕🤧 On the 1-hour timeframe, EUR/USD has formed a supply zone around the 1.11600 price area, and the price is currently pulling back to that level. Meanwhile, the DXY (US Dollar Index) is tapping into a demand level on the daily timeframe. I’ve also noticed the price slowing down at a minor resistance level, but I’ll wait for a pullback to the supply zone for a more effective entry. Minor support and resistance levels are generally less reliable. Note: There are two types of Support and Resistance Levels 1. Major Support and Resistance Levels: These levels have the strength to stop and reverse a trending market altogether. They are key turning points in the market. 2. Minor Support and Resistance Levels: These levels only temporarily delay rising or falling prices within a larger trend. They provide short-term pauses but are generally less impactful..
Short
by OfficialUBKFX
XAU recovers after news-driven plungeGold rose slightly in early trading after reversing sharply lower yesterday. Gold benefited from the sharp decline in the US dollar and government bond yields following the Fed policy decision, with the metal surging more than $30 to a new all-time high of $2,600.14. However, the recovery in the US dollar and yields during and after Mr. Powell's press conference pushed gold back down to around $2,550. At the end of yesterday's session, gold adjusted to $2,556, recording a decline of more than $10.
OANDA:XAUUSD
by NicoTradingMaster