Today, gold witnessed significant price fluctuations due to a combination of factors, including positive US ISM Non-Manufacturing data, uncertainties surrounding the US presidential election, and a decline in the US market. This document aims to provide a brief overview of these factors and their impact on the precious metal.
Today’s given signal : https://t.me/calendarsignal/15843
Positive US ISM Non-Manufacturing Data
Today, the release of the US ISM Non-Manufacturing data provided a boost to the US economy. The report showed strong improvements in several key indicators, indicating robust growth in service sector activities. This positive news impacted gold prices, as it raised concerns about the outlook for the US dollar and the strength of the US economy. Investors sought refuge in gold as a hedge against potential inflation and currency devaluation.
US Election Uncertainty
The US presidential election is an ongoing source of uncertainty for financial markets. With the election nearing, traders are monitoring the polling data and the potential impact of each candidate on the economy. The uncertainty surrounding the outcome has led to increased volatility in asset prices, including gold. Investors are hedging against potential market disruptions or policy changes that may follow the outcome of the election.
Downfall in US Market
Another contributing factor to the movement in gold prices was the decline of the US market. Concerns about economic growth, inflation, and rising interest rates weighed on investor sentiment. As a safe haven asset, gold often attracts capital during times of market downturns. Investors sought to protect their wealth by buying gold, which served as a counterbalance to losses in other assets.
Previous released data results :
On last ISM Non-manufacturing data (3-10-2024) we predict weak data, & as per that we suggest to BUY XAUUSD & as a result, we made a profit of 46 points according to the signal we gave.
Check last given signal : https://t.me/calendarsignal/15383
Performance : https://t.me/calendarsignal/15403
Where to contact us :
Website : www.forextrade1.co
Twitter : www.twitter.com/forextrade11
Telegram : telegram.me/ftrade1
Facebook : www.facebook.com/Forextrade01
Instagram : www.instagram.com/forextrade1
YouTube : www.youtube.com/ForexTrade1
Skype : forextrade01@outlook.com
Email ID : info.forextrade1@gmail.com
Discord : https://discord.gg/vEk98ZvrHP
LinkedIn : https://www.linkedin.com/company/forextrade11