XAUUSD - XAUUSD trading strategy PMI news tonight
World gold prices continued to decrease by 11 USD/ounce, down to 1,924 USD. Precious metals fell as the USD index rose sharply and Treasury bills increased to 4.2%, in addition to investors selling gold. World gold investment SPDR has sold 1.16 tons, the amount of gold held is down to 889.81 tons.
China reported some less-than-optimistic economic data. Its Caixin Services Purchasing Managers' Index (PMI) came in at 51.8 in August compared with 54.1 in July and below expectations of 53.5. The Caixin Composite PMI was 51.7 compared with 51.9 in July. China's recent weaker economic data points to less demand for raw commodities, including precious metals.
The factor holding back gold's decline is traders' expectations of increased interest rates from the US Federal Reserve (Fed). According to the FedWatch tool, the Fed has a 95% chance of maintaining interest rates in its policy meeting on September 19 and 20 and a 60% chance of interest rates remaining at current levels for the rest of the year. Some forecasts of giants say that gold will likely fall to 1,900 USD/ounce before rising higher.
China reported some less-than-optimistic economic data. Its Caixin Services Purchasing Managers' Index (PMI) came in at 51.8 in August compared with 54.1 in July and below expectations of 53.5. The Caixin Composite PMI was 51.7 compared with 51.9 in July. China's recent weaker economic data points to less demand for raw commodities, including precious metals.
The factor holding back gold's decline is traders' expectations of increased interest rates from the US Federal Reserve (Fed). According to the FedWatch tool, the Fed has a 95% chance of maintaining interest rates in its policy meeting on September 19 and 20 and a 60% chance of interest rates remaining at current levels for the rest of the year. Some forecasts of giants say that gold will likely fall to 1,900 USD/ounce before rising higher.
Comment:
Running +30Pips ✅✅
✅TP1: 1925
✅TP2: 1932
🚫SL: 1910