Gold prices jumped yesterday from a low of 2376 to a high of 2412, this drew a long-body bullish candlestick with a small shadow at the bottom of the candle. On the other hand, Silver rose from a low of 27,621 to a high of 28,406, drawing a long-body bull candle with a small shadow at the bottom of the candle.
US economic data released yesterday showed CB consumer confidence greater than expected at 100.3 from a forecast of 99.7 with previously revised data of 97.8. Meanwhile, new job openings were 8.18M, greater than the expected 8.02M with revised previous data of 8.23 M. Even though this data supports the strengthening of gold, it seems that the market will see the Fed's potential in the future.
In this week's trading, several high-impact news that are of concern to traders include the Fed funds rate, ADP Non-Farm Employment Change, inflation data, and NFP.
In terms of geopolitical risks, the Israeli government has emphasized that it wants to retaliate against Hezbollah for the rocket attack that killed 12 people at the weekend, but they wants to avoid a regional war in the Middle East. This has eased market concerns.
Today the ADP Non-Farm Employment Change data will be released which is predicted to fall by 147k from the previous data revision of 150k. This data measures changes in the number of people employed in the previous month, excluding agricultural and government industries.
Next, the FED will release monetary policy, which is predicted to keep interest rates unchanged at 5.50%.
The CME Group's Fed Watch tool forecasts a 95% chance that the Fed will hold interest rates on Wednesday and a 100% chance that rate cuts will begin in September.
View attachment 7234
US economic data released yesterday showed CB consumer confidence greater than expected at 100.3 from a forecast of 99.7 with previously revised data of 97.8. Meanwhile, new job openings were 8.18M, greater than the expected 8.02M with revised previous data of 8.23 M. Even though this data supports the strengthening of gold, it seems that the market will see the Fed's potential in the future.
In this week's trading, several high-impact news that are of concern to traders include the Fed funds rate, ADP Non-Farm Employment Change, inflation data, and NFP.
In terms of geopolitical risks, the Israeli government has emphasized that it wants to retaliate against Hezbollah for the rocket attack that killed 12 people at the weekend, but they wants to avoid a regional war in the Middle East. This has eased market concerns.
Today the ADP Non-Farm Employment Change data will be released which is predicted to fall by 147k from the previous data revision of 150k. This data measures changes in the number of people employed in the previous month, excluding agricultural and government industries.
Next, the FED will release monetary policy, which is predicted to keep interest rates unchanged at 5.50%.
The CME Group's Fed Watch tool forecasts a 95% chance that the Fed will hold interest rates on Wednesday and a 100% chance that rate cuts will begin in September.
View attachment 7234
Welcome to Admin Junkies