XAUUSD - Gold trading strategy on the afternoon of September 8
World gold price this morning fluctuated slightly with spot gold increasing by 2.8 USD to 1,919.3 USD/ounce. December gold futures last traded at $1,942.5 per ounce, up $0.9 from the previous morning.
Traders are waiting for the next US economic data for price direction. As expected, the consumer price index report of August will be published on September 13.
The gold market is under technical selling pressure in the context that gold lacks supportive factors, leading to an upward trend in precious metal prices.
According to yesterday's news on September 7, the Chinese economy continued to show signs of becoming more unviable when the world's second largest economy's exports decreased by 8.8% over the same period last year and decreased month-on-month. fourth consecutively. China's imports decreased by 7.3% in August. However, these numbers are still more feasible than market expectations. China's recent weak economic data is the fundamental factor creating a bearish metals market due to worries about flooding demand.
Gold still shows despite the increase in USD price. Meanwhile, benchmark 10-year Treasury yields fell below two-week highs, providing some support for gold. According to the CME FedWatch tool, traders see a 93% chance the Fed will maintain interest rates in the coming contest. Higher US yields will increase the opportunity cost of holding gold.
Traders are waiting for the next US economic data for price direction. As expected, the consumer price index report of August will be published on September 13.
The gold market is under technical selling pressure in the context that gold lacks supportive factors, leading to an upward trend in precious metal prices.
According to yesterday's news on September 7, the Chinese economy continued to show signs of becoming more unviable when the world's second largest economy's exports decreased by 8.8% over the same period last year and decreased month-on-month. fourth consecutively. China's imports decreased by 7.3% in August. However, these numbers are still more feasible than market expectations. China's recent weak economic data is the fundamental factor creating a bearish metals market due to worries about flooding demand.
Gold still shows despite the increase in USD price. Meanwhile, benchmark 10-year Treasury yields fell below two-week highs, providing some support for gold. According to the CME FedWatch tool, traders see a 93% chance the Fed will maintain interest rates in the coming contest. Higher US yields will increase the opportunity cost of holding gold.
