Gold prices Yesterday gold prices extended their gains amid mixed US economic data. The price of gold rises drawing a bullish long-body candle with a slight shadow at the top and bottom of the candle. The bullish candlestick formed a low at 2403 and a high at 2450.
The data released yesterday, ADP Non-Farm Employment Change, showed actual data of 122k, smaller than the estimate of 147k with the previous revision of 155k. There is a difference between the actual data and the forecast of 25 thousand, which indicates an unfavorable value for the USD. ADP (Automatic Data Processing, Inc.) is economic data that measures the estimated change in the number of workers in the previous month, excluding the agricultural and government industries.
Meanwhile, Employment Cost Index data showed that the actual data was 0.9% smaller than the expectation of 1.0% from the previous data revision of 1.2%. This economic data is considered important because it is a leading indicator of consumer inflation – when companies pay more for labor, the higher costs are usually passed on to consumers.
In other economic data, the Chicago PMI showed actual data of 45.2, slightly greater than expectations of 44.8 with a revision of previous data of 47.4.
Pending Home Sales data shows actual data of 4.8% greater than expectations of 1.4% with a revision of previous data of -1.9%. This data measures changes in the number of houses under contract that will be sold but are still waiting for the transaction to close.
Meanwhile, at yesterday's FOMC meeting, the Fed still kept interest rates unchanged at 5.50%, even though Powell stated that he would cut interest rates once this year, which was predicted in September. According to CME's FedWatch tool, the odds of the Fed cutting interest rates in September increased to 90.5%.
Today investors are still waiting for other inflation data, Unemployment Claims, and Manufacturing PMI.
View attachment 7236
The data released yesterday, ADP Non-Farm Employment Change, showed actual data of 122k, smaller than the estimate of 147k with the previous revision of 155k. There is a difference between the actual data and the forecast of 25 thousand, which indicates an unfavorable value for the USD. ADP (Automatic Data Processing, Inc.) is economic data that measures the estimated change in the number of workers in the previous month, excluding the agricultural and government industries.
Meanwhile, Employment Cost Index data showed that the actual data was 0.9% smaller than the expectation of 1.0% from the previous data revision of 1.2%. This economic data is considered important because it is a leading indicator of consumer inflation – when companies pay more for labor, the higher costs are usually passed on to consumers.
In other economic data, the Chicago PMI showed actual data of 45.2, slightly greater than expectations of 44.8 with a revision of previous data of 47.4.
Pending Home Sales data shows actual data of 4.8% greater than expectations of 1.4% with a revision of previous data of -1.9%. This data measures changes in the number of houses under contract that will be sold but are still waiting for the transaction to close.
Meanwhile, at yesterday's FOMC meeting, the Fed still kept interest rates unchanged at 5.50%, even though Powell stated that he would cut interest rates once this year, which was predicted in September. According to CME's FedWatch tool, the odds of the Fed cutting interest rates in September increased to 90.5%.
Today investors are still waiting for other inflation data, Unemployment Claims, and Manufacturing PMI.
View attachment 7236
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