XAUUSD - Weekend trading strategy, the market declines
The gold market continues to fall near a 5-month low. According to a report by the US Department of Labor, the number of weekly jobless claims fell by 11,000 to 239,000. This metric provides little insight into the health of the economy. Therefore, the next direction of gold cannot be determined.
Despite short-term selling pressure, analysts at Australia-based bank ANZ said they maintain a medium- to long-term bullish outlook for the precious metal.
Yeap Jun Rong, market strategist at IG, said the gold market continues to struggle. Rising bond yields and USD reduce the attractiveness of gold. Many investors are apprehensive about precious metals.
The overall economic situation looks better than it did three months ago, said Everett Millman, market analyst at Gainesville Coins. Ignorance grows as if it is gradually decreasing in the way that the Fed wants. Against this backdrop, demand for safe-haven assets like gold will decline.
Despite short-term selling pressure, analysts at Australia-based bank ANZ said they maintain a medium- to long-term bullish outlook for the precious metal.
Yeap Jun Rong, market strategist at IG, said the gold market continues to struggle. Rising bond yields and USD reduce the attractiveness of gold. Many investors are apprehensive about precious metals.
The overall economic situation looks better than it did three months ago, said Everett Millman, market analyst at Gainesville Coins. Ignorance grows as if it is gradually decreasing in the way that the Fed wants. Against this backdrop, demand for safe-haven assets like gold will decline.
✅ TP1: 1896
✅ TP2: 1902
⚠️ SL: 1882