👀 Let's dive into #Gold and its potential trading opportunities
#market_pulse #Gold
👋 Hey hey hey, SabioTraders!
👀 Let's dive into #Gold and its potential trading opportunities.
📉 Technical and Fundamental Insights
Gold is headed for its strongest week in five, with a 3% rise influenced by expectations of a U.S. rate cut. Spot gold rose 1% to $2,369.35 per ounce, its highest in two weeks, after data showed a spike in U.S. unemployment claims, hinting at a cooling job market. This has led to predictions of the Federal Reserve reducing rates as early as September, boosting gold's appeal.
Attention now turns to upcoming U.S. inflation data (PPI and CPI) next week, which could further sway the rate cut timeline. Meanwhile, geopolitical tensions and positive signals from China's economy suggest that gold demand will stay robust into 2024.
🤔 What Do You Think? Should we buy or is it time to sell? What's your strategy?🔽🔼
👍 Buy
👎 Sell
🤔 Unsure
👋 Hey hey hey, SabioTraders!
👀 Let's dive into #Gold and its potential trading opportunities.
📉 Technical and Fundamental Insights
Gold is headed for its strongest week in five, with a 3% rise influenced by expectations of a U.S. rate cut. Spot gold rose 1% to $2,369.35 per ounce, its highest in two weeks, after data showed a spike in U.S. unemployment claims, hinting at a cooling job market. This has led to predictions of the Federal Reserve reducing rates as early as September, boosting gold's appeal.
Attention now turns to upcoming U.S. inflation data (PPI and CPI) next week, which could further sway the rate cut timeline. Meanwhile, geopolitical tensions and positive signals from China's economy suggest that gold demand will stay robust into 2024.
🤔 What Do You Think? Should we buy or is it time to sell? What's your strategy?🔽🔼
👍 Buy
👎 Sell
🤔 Unsure