Impact of Jobless claims & Philadelphia Fed Manufacturing index on gold today

The release of two important economic indicators, the Good Jobless Claims and the Philadelphia Fed Manufacturing Index, has the potential to create panic selling pressure on XAUUSD on 20th June 2024.

Today’s given signal :

The Good Jobless Claims report measures the number of individuals who filed for unemployment benefits in the previous week. A higher than expected reading can indicate weakness in the job market, leading to concerns about economic growth and inflation.

Similarly, the Philadelphia Fed Manufacturing Index is a regional indicator of manufacturing activity. It measures the changes in sentiment and conditions within the Federal Reserve’s Third District, which includes Philadelphia, southeastern Pennsylvania, southern New Jersey, and Delaware. A decline in the index can suggest a decline in manufacturing activity, which can have broader implications for the overall economy.

If the Good Jobless Claims report shows a significant increase, investors may interpret it as a sign that the labor market is weakening. This could lead to concerns about economic growth and inflation, prompting investors to sell gold as a safe-haven asset. Additionally, if the Philadelphia Fed Manufacturing Index also disappoints, it could indicate a broader slowdown in economic activity, further exacerbating the selling pressure on gold.

In this scenario, XAUUSD may experience significant downward movement on 20th June 2024 as investors seek riskier assets or sell gold as a hedge against economic uncertainties. The combination of high jobless claims and a declining manufacturing index can be catalysts for panic selling pressure on gold.

Previous released data results :

Where to contact us :
Website :
Twitter :
Telegram :
Facebook :
Instagram :
YouTube :
Skype :
Email ID :
Discord :
LinkedIn :