The price of gold may remain under pressure until the reaction to the US jobs numbers on Friday- Forecast Forex
Elsewhere, concerns have grown widely that expectations were too high for the entire US stock market after the S&P 500 rose more than 19% so far this year. Stocks jumped to their highest level in 16 months on hopes thatwill subside enough to prompt the Federal Reserve to stop raising US interest rates. This, in turn, could allow the economy to avoid a long-awaited recession.
They say stock prices have gone up too much, too fast. Most companies so far in earnings reporting season have outperformed expectations, but that's usually the case. Expectations have been low this season, with analysts calling the worst drop in earnings for the S&P 500 in three years. The last level is sufficient to push the technical indicators towards strong oversold levels so far, I still prefer to buy gold from every downward level.
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