Gold (XAU/USD) trades marginally lower on Wednesday, exchanging hands in the $2,490s.
Gold continues slowly falling despite risk sentiment turning negative following weak US manufacturing data. Overcrowded long positioning could be the reason the commodity is not rising as expected. Technically, Gold has broken below the key $2,500 level – a bearish sign for the precious metal. Gold trades marginally lower on Wednesday, exchanging hands in the $2,490s.
A more pronounced decline in openings, however, would raise concerns regarding the state of the jobs market and further increase the chances of the Fed making a larger 0.50% cut. ADP Employment Change and Jobless Claims follow on Thursday, but the main event on the calendar will be US Nonfarm Payrolls on Friday. If NFPs increase less than expected it would further support the case of the larger cut.
XAUUSD Technical Analysis Fundamental Analysis SEO
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAU/USD flat lines above $2,500 amid weaker US Dollar, Fed rate cut expectationsGold price (XAU/USD) trades flat around $2,515 during the early Asian session on Wednesday.
Read more »
Gold Forecast: XAU/USD eyes acceptance above $2,500, as US jobs data loomsGold price is treading water below the $2,500 threshold in Asian trading on Wednesday, with sellers catching their breath after three consecutive days of decline and ahead of the highly-anticipated US Job Openings data for July.
Read more »
Gold Price Forecast: XAU/USD bounces from intraday lows, risks another leg southA risk-averse environment coupled with weaker-than-anticipated United States (US) macroeconomic data sent speculative interest into the safe-haven US Dollar on Tuesday.
Read more »
Gold Forecast: XAU/USD buyers stay hopeful while $2,480 holds ahead of US ISMGold price is trading under pressure just below the $2,500 mark early Tuesday, consolidating the three-day downtrend after hitting fresh weekly lows.
Read more »
Gold Price Forecast: XAU/USD battles to retain the $2,500 markSpot Gold trades at around $2,500 a troy ounce, static in a dead American session.
Read more »
Gold Forecast: XAU/USD could test $2,475, as $2,500 gives wayGold price languishes in six-day lows below $2,500 early Monday, extending the previous week’s downtrend following the constant rejection near $2,530 on Thursday.
Read more »