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5 September 2024,02:05
Trade Of The Day
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5 September 2024, 02:05
* Labor Market Slip: Gold prices have stabilized after the U.S. Job Openings data showed fewer openings than expected for July. The U.S. Bureau of Labor Statistics reported that JOLTS Job Openings fell to 7.673 million in July, down from a revised 7.91 million in June, and below the forecasted 8.1 million. This suggests a tightening job market, raising concerns about a potential recession if other employment indicators also weaken. The weaker report has increased speculation that the Federal Reserve might consider a larger 0.50% interest rate cut at its September meeting instead of the usual 0.25%.
* Technical Breakout: Gold price was traded higher following prior rebound from the support level 2482.00. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to likely further extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 2517.00. Conversely, a potential reversal is also to be expected and the price could head back towards 2482.00.
Moving ahead, traders will also focus on upcoming economic data such as the Nonfarm Payrolls (NFP) and Unemployment Rate to shed light on the potential size of an expected rate cut by the Fed this month.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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