On Tuesday, gold remained below the $1,910 per ounce mark, maintaining its proximity to a five-week low. The precious metal faced pressure from a robust dollar and elevated Treasury yields, with the release of a US producer inflation report for July that surpassed expectations. This outcome has fueled speculations that the Federal Reserve might prolong its period of higher interest rates.
Investors are also preparing for the unveiling of US retail sales data and the release of minutes from the Fed's recent policy meeting this week, both of which could provide insights into the economic landscape and the trajectory of interest rates.
On a different note, data revealed that Japan's economy outperformed predictions in the second quarter, expanding by 1.5% quarter-on-quarter and 6% on an annualized basis. These figures greatly surpassed initial estimates of 0.8% and 3.1%, respectively.
Meanwhile, in China, July's industrial production, retail sales, and fixed asset investment numbers all fell short of expectations. Additionally, the urban unemployment rate inched upwards, contributing to apprehensions regarding the nation's decelerating economy.
XAUUSD
BUY LIMIT 1903-1905💯
✅ TP1: 1909
✅ TP2: 1914
🛑 SL: 1899
Investors are also preparing for the unveiling of US retail sales data and the release of minutes from the Fed's recent policy meeting this week, both of which could provide insights into the economic landscape and the trajectory of interest rates.
On a different note, data revealed that Japan's economy outperformed predictions in the second quarter, expanding by 1.5% quarter-on-quarter and 6% on an annualized basis. These figures greatly surpassed initial estimates of 0.8% and 3.1%, respectively.
Meanwhile, in China, July's industrial production, retail sales, and fixed asset investment numbers all fell short of expectations. Additionally, the urban unemployment rate inched upwards, contributing to apprehensions regarding the nation's decelerating economy.
XAUUSD
BUY LIMIT 1903-1905💯 ✅ TP1: 1909
✅ TP2: 1914
🛑 SL: 1899
