🌐 Gold Prices Continue to Decline ⇲
Gold prices declined for the eighth consecutive session on Wednesday as U.S. Treasury bond yields surged, fueling expectations that the Federal Reserve will maintain higher interest rates for a longer period, weighing on investor sentiment.
Spot gold contracts dropped by 0.1% to $1,821.69 per ounce, while U.S. gold futures fell by 0.4% to $1,834.80 per ounce.
The yield on the 10-year U.S. Treasury bond reached its highest level in 16 years, making non-yielding assets like gold less attractive.
Gold initially saw an uptick at the beginning of the trading session following the news that private payrolls in the U.S. increased slightly more than expected.
Additionally, the U.S. services sector lost momentum in September, with new orders dropping to a nine-month low. However, the pace still aligns with expectations of robust economic growth in the third quarter.
CME's FedWatch tool currently indicates a 24% probability of the Fed raising interest rates by another 0.25% this year.
Investor focus now lies on the nonfarm payroll report set to be released on Friday, providing further clarity on the Fed's interest rate trajectory.
Gold prices declined despite a cooling-off of the U.S. dollar, with the U.S. Dollar Index decreasing by 0.2%. Palladium prices also fell by 1.7% to $1,169.40 per ounce, hitting their lowest level since late 2018 at the start of the session.
Silver spot contracts decreased by 0.7% to $20.9986 per ounce, while platinum lost 0.5%, dropping to $867.54 per ounce.
Spot gold contracts dropped by 0.1% to $1,821.69 per ounce, while U.S. gold futures fell by 0.4% to $1,834.80 per ounce.
The yield on the 10-year U.S. Treasury bond reached its highest level in 16 years, making non-yielding assets like gold less attractive.
Gold initially saw an uptick at the beginning of the trading session following the news that private payrolls in the U.S. increased slightly more than expected.
Additionally, the U.S. services sector lost momentum in September, with new orders dropping to a nine-month low. However, the pace still aligns with expectations of robust economic growth in the third quarter.
CME's FedWatch tool currently indicates a 24% probability of the Fed raising interest rates by another 0.25% this year.
Investor focus now lies on the nonfarm payroll report set to be released on Friday, providing further clarity on the Fed's interest rate trajectory.
Gold prices declined despite a cooling-off of the U.S. dollar, with the U.S. Dollar Index decreasing by 0.2%. Palladium prices also fell by 1.7% to $1,169.40 per ounce, hitting their lowest level since late 2018 at the start of the session.
Silver spot contracts decreased by 0.7% to $20.9986 per ounce, while platinum lost 0.5%, dropping to $867.54 per ounce.
Comment:
This is the area of the market without H4. It will go up and encounter resistance in the reaction area
This is the area of the market without H4. It will go up and encounter resistance in the reaction area
Comment:
You should remember that we still prioritize the market going down. Because the market always favors today's decline, and in the past, it is only a case of measured influence from investors, if any. If there is a signal point, we should consider confirming it by candlesticks before we trade, it will be more effective.
We will wait for more news tomorrow, meaning Friday, so we can have a better perspective and judgment.