Gold Holds Steady Above $1,940 as US Economic Signs Impact
On Monday, the price of gold remained steady at over $1,940 per ounce, staying close to its highest levels in a month. This stability was attributed to indications of a slowdown in the US economy, which fueled optimism that the Federal Reserve would refrain from further interest rate hikes for the remainder of the year.
The most recent US employment report revealed an unexpected increase in the US unemployment rate to 3.8% in August. This marked the highest unemployment rate since February 2022, surpassing the market's expectations of 3.5%.
Simultaneously, the US economy added 187,000 jobs last month, exceeding the initial forecast of 170,000 but still falling short of the 200,000 threshold for the third consecutive month. This trend signaled a gradual improvement in labor market conditions.
XAUUSD
BUY 1941 - 1943
✅TP1 : 1950
✅TP2 : 1955
🚫SL : 1935
The most recent US employment report revealed an unexpected increase in the US unemployment rate to 3.8% in August. This marked the highest unemployment rate since February 2022, surpassing the market's expectations of 3.5%.
Simultaneously, the US economy added 187,000 jobs last month, exceeding the initial forecast of 170,000 but still falling short of the 200,000 threshold for the third consecutive month. This trend signaled a gradual improvement in labor market conditions.
XAUUSD
BUY 1941 - 1943 ✅TP1 : 1950
✅TP2 : 1955
🚫SL : 1935
Comment:
The price is at a good Buy resistance zone
