During the morning trade in Asia, gold experienced a slight decline as investors eagerly awaited further signals from U.S. economic indicators and corporate earnings reports. The market sentiment suggests that gold's next significant movement might hinge on key events like Apple's earnings announcement and the release of the Nonfarm Payrolls (NFP) report.
According to Edward Moya, a senior market analyst at Oanda, gold's immediate trajectory seems to be influenced by these upcoming events. However, he emphasizes the importance of considering the longer-term outlook. If U.S. growth prospects turn unfavorable, and the Federal Reserve takes a more aggressive stance by cutting interest rates in the first quarter of 2024, it could create a conducive environment for gold to soar above the significant $2,000 level.
As of the latest data, spot gold recorded a marginal drop of 0.1%, settling at $1,963.17 per ounce. The market remains cautious and attentive to the unfolding economic indicators and monetary policy decisions that could have a profound impact on the precious metal's future performance.
GOLD
BUY 1957 - 1959🕯🕯
✅ TP1: 1963
✅ TP2: 1968
✅ TP3: 1973
❌ SL: 1953
According to Edward Moya, a senior market analyst at Oanda, gold's immediate trajectory seems to be influenced by these upcoming events. However, he emphasizes the importance of considering the longer-term outlook. If U.S. growth prospects turn unfavorable, and the Federal Reserve takes a more aggressive stance by cutting interest rates in the first quarter of 2024, it could create a conducive environment for gold to soar above the significant $2,000 level.
As of the latest data, spot gold recorded a marginal drop of 0.1%, settling at $1,963.17 per ounce. The market remains cautious and attentive to the unfolding economic indicators and monetary policy decisions that could have a profound impact on the precious metal's future performance.
GOLD
BUY 1957 - 1959🕯🕯 ✅ TP1: 1963
✅ TP2: 1968
✅ TP3: 1973
❌ SL: 1953
