After moving in a trading range for several weeks, gold prices finally broke out, and a new all-time high printed yesterday. Price draws a bullish long body candlestick with almost no shadow. Price drew a high of $2559 with a low of $2510.
According to the U.S. Bureau of Labor Statistics, The Producer Price Index for final demand increased 0.2 percent in August. Prices for final demand services increased 0.4 percent, and the index for final demand goods was unchanged. Prices for final demand advanced 1.7 percent for the 12 months ending in August.
Meanwhile, Unemployment Claims data showed an increase of 230k, higher than the expected 227k, with a revision of the previous data of 228k. This lower value does not support strengthening the US Dollar because the number of unemployed people is an important signal of overall economic health due to consumer spending is highly correlated with labor-market conditions.
On the other hand, China's second quarter gold reserves according to tradingeconomics were 2.28K tons, the same number as the first quarter of 2024 but higher than the fourth quarter of 2023. In the Chinese market, gold is showing a rise.
Meanwhile, according to the FedWatch tool from the CME Group, the forecast for the Fed cutting interest rates by 25 bps is down by 72% and a cut by 50 bps is up by 28%. The Fed is expected to cut interest rates on September 18.
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According to the U.S. Bureau of Labor Statistics, The Producer Price Index for final demand increased 0.2 percent in August. Prices for final demand services increased 0.4 percent, and the index for final demand goods was unchanged. Prices for final demand advanced 1.7 percent for the 12 months ending in August.
Meanwhile, Unemployment Claims data showed an increase of 230k, higher than the expected 227k, with a revision of the previous data of 228k. This lower value does not support strengthening the US Dollar because the number of unemployed people is an important signal of overall economic health due to consumer spending is highly correlated with labor-market conditions.
On the other hand, China's second quarter gold reserves according to tradingeconomics were 2.28K tons, the same number as the first quarter of 2024 but higher than the fourth quarter of 2023. In the Chinese market, gold is showing a rise.
Meanwhile, according to the FedWatch tool from the CME Group, the forecast for the Fed cutting interest rates by 25 bps is down by 72% and a cut by 50 bps is up by 28%. The Fed is expected to cut interest rates on September 18.
View attachment 7490
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