Master_Scalp: XAUUSD - Gold prices edge higher
Gold prices rose slightly on Monday, recovering slightly after steep losses in the past week, while copper prices moved little before a slew of key U.S. and Chinese economic readings in the coming days.
Rising U.S. Treasury yields, driven by concerns over higher interest rates and a U.S. ratings downgrade, weighed on gold prices in recent sessions, as did a recovery in the dollar.
While the yellow metal saw some relief on Friday, following weaker-than-expected nonfarm payrolls data, it still closed the week about 1% lower - its worst performance in over a month.
Spot gold rose 0.1% to $1,945.03 an ounce, while gold futures expiring in December rose 0.2% to $1,979.60 an ounce by 20:46 ET (00:46 GMT).
BUY LIMIT 1933 - 1936 🚩
🚩 TP1 1940
🚩 TP2 1945
SL 1927
Rising U.S. Treasury yields, driven by concerns over higher interest rates and a U.S. ratings downgrade, weighed on gold prices in recent sessions, as did a recovery in the dollar.
While the yellow metal saw some relief on Friday, following weaker-than-expected nonfarm payrolls data, it still closed the week about 1% lower - its worst performance in over a month.
Spot gold rose 0.1% to $1,945.03 an ounce, while gold futures expiring in December rose 0.2% to $1,979.60 an ounce by 20:46 ET (00:46 GMT).
BUY LIMIT 1933 - 1936 🚩
🚩 TP1 1940
🚩 TP2 1945
SL 1927
Comment:
Inflation is expected to have picked up again after a sharp decline in June- a scenario that could push up expectations of more interest rate hikes from the Federal Reserve
Comment:
Experts say that gold will conquer all-time highs when the health of the economy is markedly weakened prompting the Fed to cut interest rates.
