Gold Below $1,920 as Strong US Services Data Sparks Rate Hike,..
On Thursday, gold remained below the $1,920 per ounce mark, sustaining its recent decline and contending with pressure from a surging U.S. dollar. This was prompted by stronger-than-expected U.S. services sector data that heightened concerns about inflation and potential interest rate hikes.
In August, the ISM Services PMI in the United States unexpectedly surged to 54.5, indicating the most robust growth in the services sector in six months, surpassing expectations of 52.5.
Market sentiment is currently leaning toward a more hawkish stance from the Federal Reserve this month, potentially signaling an impending rate increase in the next meeting.
European Central Bank officials have also cautioned that further rate hikes are still under consideration, while Bank of England Governor Andrew Bailey noted on Wednesday that the central bank is approaching the end of its tightening cycle, albeit with ongoing inflationary pressures.
XAUUSD BUY 1916 - 1918 🔼🔼
🟢TP1: 1921
🟢TP2: 1924
🔴SL: 1914
In August, the ISM Services PMI in the United States unexpectedly surged to 54.5, indicating the most robust growth in the services sector in six months, surpassing expectations of 52.5.
Market sentiment is currently leaning toward a more hawkish stance from the Federal Reserve this month, potentially signaling an impending rate increase in the next meeting.
European Central Bank officials have also cautioned that further rate hikes are still under consideration, while Bank of England Governor Andrew Bailey noted on Wednesday that the central bank is approaching the end of its tightening cycle, albeit with ongoing inflationary pressures.
XAUUSD BUY 1916 - 1918 🔼🔼
🟢TP1: 1921
🟢TP2: 1924
🔴SL: 1914
