Trader_BrianFX

XAUUSD : Adjust before continuing to increase!

OANDA:XAUUSD   Gold Spot / U.S. Dollar
GOLD UPDATE:
Gold prices (XAU/USD) have soared to a nine-week high, just below the $2,100 threshold, at the start of Monday's trading session in Asia. Speculation about possible interest rate cuts by the end of this year has been fueled by less-than-stellar economic data from the US last Friday. Furthermore, a decline in US Treasury yields has also propelled the uptrend in investor demand for gold. Currently, gold is priced at $2,085.55, remaining unchanged throughout the day.

According to data released by the Institute for Supply Management (ISM) on Friday, the US Manufacturing PMI dropped to 47.8 in February from 49.1 in the previous reading. This marks the 16th consecutive month that this index has remained below 50, indicating a decline in the manufacturing sector.

Personal Insight:
In this optimistic phase for Gold, the price needs to undergo a correction if it aims to surpass the $2,100 mark in the first quarter of 2024.
Trade closed: target reached
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