goldWords fell on the Fed’s accelerating interest rate. Tonight, the U.S. will release ADP’s August nationwide private payrolls.
analysisgold price Hua Seng Heng Gold Futures Company Limited reported that the pricegold spot yesterday dropped The strong dollar and rising US Treasury yields continue to pressure the gold market. As investors continue to absorb the Fed’s accelerating interest rate hikes to curb inflation. The Fed chairman pointed out that following the completion of the interest rate hike measures, The Fed has kept interest rates at a high level for a while. In contrast to market expectations, the Fed will start cutting interest rates next year. However, investors are keeping an eye on the payroll numbers tonight and Friday night. If the numbers come out strong This will further drive the Fed to raise interest rates in September. On the other hand, SPDR Gold Trust sold 4.35 tonnes of gold from yesterday.
Tonight, the US will reveal private sector jobs across the country in August. ADP’s markets are expected to add 300,000 jobs from 128,000 in July. and the Chicago Area PMI for August. The market is expected to rise to 52.5 from 52.1 in July.
trendgold priceSideways down movement expected bygold priceWord has $1,710 support and $1,700 next, while there are $1,740 and $1,750 resistances.
