Recent US retail sales data released today has been unfavorable for the gold market, resulting in a decline in prices. However, based on various economic indicators and market trends, analysts predict that the gold price will recover on 15th November 2024. This document explores the key factors that support this forecast.
Today’s given signal : https://t.me/calendarsignal/16056
Philadelphia Fed Manufacturing Index
The Philadelphia Fed Manufacturing Index is a leading indicator of economic activity, measuring the manufacturing sentiment within the Philadelphia region. On November 21st, 2024, the Index reported a strong reading, indicating a growing level of manufacturing activity. This positive news signaled a strong economy, reducing the appeal of gold as a safe-haven investment.
Jobless Claims Data
In addition to the positive manufacturing data, the jobless claims data also released on the same day further contributed to the decline in gold prices. The jobless claims data reflected a decline in the number of individuals filing for unemployment benefits, indicating improved labor market conditions. This positive economic indicator lessened the perceived need for gold as a hedge against potential job insecurity and economic downturns.
Hawkish Speech by FED Member
Another factor that contributed to the fall in gold prices on November 21st, 2024, was a hawkish speech by a FED member. The member expressed the belief that interest rates would remain stable in December, indicating a hawkish stance on monetary policy. This commentary reinforced the expectation of higher interest rates, which is generally considered unfavorable for gold prices.
Effect on Gold Price
The combination of the Philadelphia Fed Manufacturing Index, jobless claims data, and hawkish speech by a FED member on November 21st, 2024, all had a significant impact on the gold price. The positive economic data undermined gold’s status as a safe-haven investment, while the hawkish comments further dampened investor sentiment. This confluence of factors resulted in a significant drop in the precious metal’s price, as investors shifted their focus away from gold to other investment options.
Previous released data results :
On last Philadelphia data (17-10-2024) we predict good data, & as per that we suggest to SELL XAUUSD & as a result, we made a profit of 51 points according to the signal we gave.
Check last given signal : https://t.me/calendarsignal/15589
Performance : https://t.me/calendarsignal/15606
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