(1) This week started with USD weakness due to bad news from the US labor data released last week. The NFP data showed a decline compared to the previous data, from 315K to 261K although up from the forecast at 200K. In addition, the unemployment rate data showed an increase from 3.5% to 3.7%, exceeding market participants' estimates of 3.6%.
(2) While global sentiment supported by news of military and political heating up makes gold tend to be bullish.
(3) The latest US inflation rate data is a positive sentiment for the USD, where the inflation rate is at 7.7% better than expectations of the 8% range, this indicates that the fed has succeeded in taming the inflation with an interest rate hike.
The current market sentiment perspective tends to be mixed. I hope the world will make peace soon. As a trader we do not guess where the market will move in the future, but we can reactively execute on what happens, by planning technical analysis as a hint of possible price limits. Paying attention to what might move the price of a commodity is more important than observing only the price movement.
Assalamulaikum brother I want to purchase hold gold is now a good time to buy or should I wait for the 1400 mark jzk
DNP-FX
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@Shaz786786, Wa alaikum salam, That's great if you want to hold for the next >10 years. for details please check this out:
Shaz786786
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@DNP-FX, thankyou for your reply my brother do you think I should purchase now or will gold go to around $1500? Jzk
DNP-FX
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@Shaz786786, Sure, you can buy at anytime, if the price drops lower you can accumulate it. if global geopolitics and economy are more stable, very possible gold towards $1500.