After two sessions of soaring to a 2-month high, the gold price today has begun to decline due to many factors. The main reason for the decline in precious metal prices was the recovery of the USD. In the morning, the US Dollar Index, which measures volatility in the greenback, rose 0.51% to the most recent 101, taking on gold's appeal to buyers holding other currencies.
Besides, newly released data on the US labor market also has little impact on gold prices. Specifically, the number of workers who updated their first-time jobless claims continued to decrease. The number of weekly jobless claims fell from 9,000 to 228,000, the Labor Department said, down from last week's untested estimate of 237,000. Economists expect jobless claims to rise to 239,000.
However, analysts are still quite optimistic about precious metal prices. Jim Wyckoff, market analyst, forecast that the price of gold could rise to $ 2,000 an ounce if the US Federal Reserve (Fed) stops the cycle of raising interest rates after another hike this month.
XAUUSD SELL 1973 - 1975💯💯
✅ TP1: 1965
✅ TP2: 1960
✅ TP3: 1952
🛑 SL: 1980
Besides, newly released data on the US labor market also has little impact on gold prices. Specifically, the number of workers who updated their first-time jobless claims continued to decrease. The number of weekly jobless claims fell from 9,000 to 228,000, the Labor Department said, down from last week's untested estimate of 237,000. Economists expect jobless claims to rise to 239,000.
However, analysts are still quite optimistic about precious metal prices. Jim Wyckoff, market analyst, forecast that the price of gold could rise to $ 2,000 an ounce if the US Federal Reserve (Fed) stops the cycle of raising interest rates after another hike this month.
XAUUSD SELL 1973 - 1975💯💯
✅ TP1: 1965
✅ TP2: 1960
✅ TP3: 1952
🛑 SL: 1980
