On 29th August 2024, the release of good US GDP data can have a significant impact on the XAUUSD pair. GDP, which stands for Gross Domestic Product, is a measure of the total value of goods and services produced within a country’s borders. It represents the overall economic health of a nation.
Today’s given signal : https://t.me/calendarsignal/14774
When US GDP data is released and it comes out better than expected, it can have a positive impact on the XAUUSD pair. This is because the stronger economic growth in the United States generally leads to an increase in demand for the US dollar. Investors and traders perceive a strong US economy as indicative of a stable and secure investment environment, which in turn increases confidence in the US dollar.
As a result, when the GDP data is released and is positive, the US dollar tends to strengthen against other currencies, including the XAUUSD pair. This strength can push the price of the gold futures contract, which is denominated in US dollars, lower. This is because a stronger US dollar makes gold more expensive for foreign investors, who may be denominated in other currencies.
Conversely, the release of bad or disappointing US GDP data can have a negative impact. In this case, the US dollar may weaken, which in turn can support the price of gold. Investors and traders may view a weak US economy as an indication that the Federal Reserve may need to ease monetary policy, which can result in lower interest rates. This, in turn, can make gold more appealing as a store of value and a hedge against inflation.
Previous released data results :
On last GDP data (25-7-2024) we predict to BUY XAUUSD as for bad GDP data, GOLD price was raised.
Check the previous blog : https://blog.forextrade1.co/gold-outlook-amid-todays-us-gdp-data/
Check last given signal : https://t.me/calendarsignal/13995
Performance : https://t.me/calendarsignal/14028
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