Gold price rebounded nearly $10 from the daily low! How to trade next? The latest gold price technical analysis from FXStreet analyst.
In early trading on Monday in the European market, spot gold rebounded in the short term, with the current price around $2,495 per ounce, rebounding nearly $10 from the intraday low earlier. FXStreet analyst Haresh Menghani pointed out that concerns about the decline of the US economy and geopolitical tensions should limit further decline in the price of gold.
5 Key Ratios Indicate Proper Gold Mining Macro Is Taking a Big Step Forward
Gold market analysis: US non-farm data mixed, gold continues to oscillate at high levels.
Bank of China Guangdong Branch's Wang Gang said that the controversial extent of the interest rate cut was triggered by the US non-farm data in August. However, no matter what, the Federal Reserve will start the interest rate cut in September, and the high interest rate cycle of the US dollar will reverse. The US CPI report will also be released this week, which is the final inflation report before the Federal Reserve's policy meeting in September, and it may affect the speculation on the interest rate cut by the Federal Reserve. If there are more signs of cooling price pressures, it will strengthen the speculation on the increase in the extent of the interest rate cut in the US, which may be a welcome opportunity for zero-yield gold.
Gold Delivers Another Strong Month of Returns
Non-farm payrolls trigger a significant breakdown in the gold price! Two charts show the technical outlook for gold and how investors can profitably close out their positions?
After a sharp decline last Friday, spot gold continues to be under pressure, with the price currently around $2496 per ounce.
Gold trading reminder: The unclear prospects of non-farm payroll reduction and the rebound of the US dollar have caused the gold price to fall below the 2500 level. This week, we will welcome the US CPI.
Gold prices rose and then fell on Friday as non-farm payrolls fell short of expectations. Gold prices briefly hit a three-week high of around $2,529.06 per ounce, but quickly gave up gains as unemployment rates declined. In addition, the "third figure" of the Federal Reserve did not signal a 50 basis point rate cut, leading to doubts about the magnitude of the rate cut later this month. This week, the US CPI data for August will be released, and investors will need to pay attention to the performance of the data and changes in market expectations.