There is a risk of decline, entry sell Gold today
World gold prices increased with spot gold increasing by 20.3 USD to 2,323 USD/ounce. Gold futures last traded at 2,332.8 USD/ounce, up 24.2 USD compared to yesterday morning.
The gold market entered the new trading week with solid gains, boosted by the weakening of the USD. The US Dollar Index fell to its lowest level in about a month as a recently released report showed that the US job market is weakening, which has increased expectations that the US Federal Reserve (Fed) will interest rate cuts this year.
ActivTrades senior analyst Ricardo Evangelista said that the number of jobs created last month was much less than experts forecast, combined with slowing wage growth, which will cause the Fed to consider easing. monetary policy this year.
According to the FedWatch tool, after the report, the market increased the likelihood that the Fed will conduct the first interest rate cut in September to 71%. Evangelista said that investors will wait for statements from some Fed officials this week to get more clues about the monetary policy trajectory of the US Central Bank. This expert also said that tensions in the Middle East will be a factor supporting gold this week.
The gold market entered the new trading week with solid gains, boosted by the weakening of the USD. The US Dollar Index fell to its lowest level in about a month as a recently released report showed that the US job market is weakening, which has increased expectations that the US Federal Reserve (Fed) will interest rate cuts this year.
ActivTrades senior analyst Ricardo Evangelista said that the number of jobs created last month was much less than experts forecast, combined with slowing wage growth, which will cause the Fed to consider easing. monetary policy this year.
According to the FedWatch tool, after the report, the market increased the likelihood that the Fed will conduct the first interest rate cut in September to 71%. Evangelista said that investors will wait for statements from some Fed officials this week to get more clues about the monetary policy trajectory of the US Central Bank. This expert also said that tensions in the Middle East will be a factor supporting gold this week.
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