XAUUSD - Gold has not had a recovery since the beginning of the
World gold price this morning increased slightly with spot gold up 6.5 USD, up 1,943 USD/ounce. December gold futures last traded at $1,971.2 an ounce, up $6.3 from the previous morning.
Gold continues to accelerate as new tools show that the labor market is showing signs of cooling and the world's leading economy is slowing. Specifically, the US Bureau of Economic Analysis' report on second-quarter gross domestic product showed that the economy grew by 2.1%, lower than expectations. According to consensus estimates, economists expect growth of 2.4%. The closely watched personal consumption expenditures price index (PCE) in the second quarter rose 2.5% so the first estimate was for a 2.6% increase. All of these numbers favor those who support the US Federal Reserve (Fed) delaying further interest rate increases.
The latest jobs report here also shows that the labor market is cooling down. According to the latest ADP report, there were 177,000 jobs created in the past month. The data fell short of expectations with economists forecasting an increase in jobs at around 194,000. Along with weaker job growth, the report also noted slowing wage growth across the country.
Gold continues to accelerate as new tools show that the labor market is showing signs of cooling and the world's leading economy is slowing. Specifically, the US Bureau of Economic Analysis' report on second-quarter gross domestic product showed that the economy grew by 2.1%, lower than expectations. According to consensus estimates, economists expect growth of 2.4%. The closely watched personal consumption expenditures price index (PCE) in the second quarter rose 2.5% so the first estimate was for a 2.6% increase. All of these numbers favor those who support the US Federal Reserve (Fed) delaying further interest rate increases.
The latest jobs report here also shows that the labor market is cooling down. According to the latest ADP report, there were 177,000 jobs created in the past month. The data fell short of expectations with economists forecasting an increase in jobs at around 194,000. Along with weaker job growth, the report also noted slowing wage growth across the country.
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rUNNING + 15pPips ✅✅
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Smallwood added that the World Gold Council has seen significant interest from banks around the world in numismatics. Bitcoin's lackluster performance throughout 2023 could allow gold to shine in digital markets, he said.
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Running + 30Pips ✅✅
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Gold is trading at a high price for the month as the ADP jobs report and (revised) GDP figures came in lower than forecast, showing signs of slowing growth in the US economy, creating the possibility of a The FED will maintain current interest rates in September 2023
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HIT TP1 +80Pips ✅✅
✅TP1: 1940
✅TP2: 1935
🚫SL: 1955