Gold Prices Rebound as Weak Economic Data Spurs Hope for Policy
On Thursday, the price of gold climbed to approximately $1,920 per ounce, marking a continued recovery from its lowest point in five months. This upward trend was fueled by business activity data in major economies that turned out to be weaker than anticipated. As a result, there is growing optimism that policymakers might reconsider their plans to raise interest rates in order to prevent a recession.
The most recent data indicated that business activity in the United States nearly ground to a halt in August, while in the Eurozone and Britain, it continued to contract.
Investors are now eagerly awaiting the annual symposium of central bankers in Jackson Hole, Wyoming, where policymakers could provide insights into the future of monetary policy.
Consequently, financial markets have significantly reduced their expectations for further tightening of monetary policy by both the Federal Reserve and the European Central Bank.
XAUUSD
SELL 1922-1924🕯
✅ TP1: 1914
✅ TP2: 1903
⚠️ SL: 1930
The most recent data indicated that business activity in the United States nearly ground to a halt in August, while in the Eurozone and Britain, it continued to contract.
Investors are now eagerly awaiting the annual symposium of central bankers in Jackson Hole, Wyoming, where policymakers could provide insights into the future of monetary policy.
Consequently, financial markets have significantly reduced their expectations for further tightening of monetary policy by both the Federal Reserve and the European Central Bank.
XAUUSD
SELL 1922-1924🕯 ✅ TP1: 1914
✅ TP2: 1903
⚠️ SL: 1930
