Gold Prices Rise Toward One-Month High Amidst Dollar Dip,..
Gold prices advanced on Monday, approaching a one-month high achieved in the previous session. This upward movement was supported by a modest decline in the value of the US dollar and the anticipation that the US Federal Reserve may refrain from further interest rate hikes this year.
Spot gold recorded a 0.3% increase, reaching $1,943.65 per ounce by 0724 GMT, following its peak of $1,952.79 on Friday. Meanwhile, U.S. gold futures rose by 0.2%, reaching $1,970.
Data released on Friday indicated an increase in job growth in the United States for August. However, the unemployment rate also surged to 3.8%, and wage gains slowed down. This development reinforced the argument for a potential interest rate pause in the coming month, putting downward pressure on the value of the US dollar.
XAUUSD
BUY 1941 - 1943
✅TP1 : 1950
✅TP2 : 1955
🚫SL : 1935
Spot gold recorded a 0.3% increase, reaching $1,943.65 per ounce by 0724 GMT, following its peak of $1,952.79 on Friday. Meanwhile, U.S. gold futures rose by 0.2%, reaching $1,970.
Data released on Friday indicated an increase in job growth in the United States for August. However, the unemployment rate also surged to 3.8%, and wage gains slowed down. This development reinforced the argument for a potential interest rate pause in the coming month, putting downward pressure on the value of the US dollar.
XAUUSD
BUY 1941 - 1943 ✅TP1 : 1950
✅TP2 : 1955
🚫SL : 1935
Comment:
The price is at a good Buy resistance zone
