A rally in the dollar led some of the gold down on Tuesday as data showed US credit conditions were tight amid high interest rates.
The market is now fully focused on July's major non-farm payrolls figures due out this Friday. If the job market continues to show signs of strength, it should put pressure on gold as it further motivates the Fed to keep raising rates.
Rising interest rates have weighed on the price of gold through 2022, and the opportunity cost of holding distressed assets has risen so far this year, limiting profits for yellow metals.
However, the widening divergence between gold futures and spot prices suggests that traders widely expect the Fed to complete its rate-hiking cycle by the end of the year, which could lead to massive funding for yellow metals. are likely to flow in. US economic conditions have remained resilient so far despite rising interest rates, but growth is expected to slow in the second half of this year, boosting demand for gold as a safe haven asset.
XAUUSD BUY Scalp 1955 - 1958
✔️ TP1: 1962
✔️ TP2: 1966
✔️ TP3: 1970
❌ SL: 1950
The market is now fully focused on July's major non-farm payrolls figures due out this Friday. If the job market continues to show signs of strength, it should put pressure on gold as it further motivates the Fed to keep raising rates.
Rising interest rates have weighed on the price of gold through 2022, and the opportunity cost of holding distressed assets has risen so far this year, limiting profits for yellow metals.
However, the widening divergence between gold futures and spot prices suggests that traders widely expect the Fed to complete its rate-hiking cycle by the end of the year, which could lead to massive funding for yellow metals. are likely to flow in. US economic conditions have remained resilient so far despite rising interest rates, but growth is expected to slow in the second half of this year, boosting demand for gold as a safe haven asset.
XAUUSD BUY Scalp 1955 - 1958
✔️ TP1: 1962
✔️ TP2: 1966
✔️ TP3: 1970
❌ SL: 1950
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