An interesting event happened with gold yesterday. After gradating since gold's sharp decline on August 5, gold prices are back to soar after successfully crossing $2400.
Gold price drew a long-body bullish candlestick with almost no shadow forming a high of $2427 and a low of $2378.
According to analysts, this precious metal soared because encouraging data from the United States (US) provided relief to financial markets, thereby weighing on demand for the US Dollar.
US jobless claims data showed actual data of 233k from the expected 241k with a revision of previous data of 250k. Decreasing unemployment claims indicates overall economic improvement.
With improving economic conditions enabling the inflation target to be achieved so that the public confidence index rises, the Fed will cut interest rates in September.
Meanwhile, geopolitical risks still support gold as a safe-haven asset.
Next, investors will focus on Fed officials who allow dovish or hawkish statements.
Today there is no important economic schedule related to USD, but there is news that may have a high impact on CAD regarding job data.
View attachment 7261
Gold price drew a long-body bullish candlestick with almost no shadow forming a high of $2427 and a low of $2378.
According to analysts, this precious metal soared because encouraging data from the United States (US) provided relief to financial markets, thereby weighing on demand for the US Dollar.
US jobless claims data showed actual data of 233k from the expected 241k with a revision of previous data of 250k. Decreasing unemployment claims indicates overall economic improvement.
With improving economic conditions enabling the inflation target to be achieved so that the public confidence index rises, the Fed will cut interest rates in September.
Meanwhile, geopolitical risks still support gold as a safe-haven asset.
Next, investors will focus on Fed officials who allow dovish or hawkish statements.
Today there is no important economic schedule related to USD, but there is news that may have a high impact on CAD regarding job data.
View attachment 7261
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