XAUUSD - Gold redirect to sell, current trading strategy
World gold price this morning fell with spot gold down 12.1 USD to 1,925.9 USD/ounce. December gold futures last traded at $1,951.7 per ounce, down $12.9 from the previous brightness.
World gold prices decreased when pressured by the breakthrough of the USD. The US Dollar Index jumped to nearly 105 points as advisors looked for a hedge against worries about economic growth around the globe. Worries about global growth, especially in China and the euro zone, have brought hedged demand for the currency to its highest in months, creating further weakness in gold for buyers in foreign countries. outside.
The bulls in the metals market were frustrated after China received some architecturally weaker economic data. Specifically, the country's Purchasing Managers' Index (PMI) reached 51.8 in August, with an increase of 54.1 in July and lower than expectations of 53.5. Recent weaker economic data for the world's second-largest economy suggests less demand for raw goods, including metals.
Global bond yields are surging and as there are fears global growth could be even worse and that's driving people back to the USD
World gold prices decreased when pressured by the breakthrough of the USD. The US Dollar Index jumped to nearly 105 points as advisors looked for a hedge against worries about economic growth around the globe. Worries about global growth, especially in China and the euro zone, have brought hedged demand for the currency to its highest in months, creating further weakness in gold for buyers in foreign countries. outside.
The bulls in the metals market were frustrated after China received some architecturally weaker economic data. Specifically, the country's Purchasing Managers' Index (PMI) reached 51.8 in August, with an increase of 54.1 in July and lower than expectations of 53.5. Recent weaker economic data for the world's second-largest economy suggests less demand for raw goods, including metals.
Global bond yields are surging and as there are fears global growth could be even worse and that's driving people back to the USD
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