Today’s given signal : https://t.me/calendarsignal/13826
Ripple Effect on the Gold Pair
With the favorable USD initial jobless claims data and positive Philadelphia Fed manufacturing index, the ripple effect was felt immediately in the gold pair market. The gold pair, which is a pair of gold and another currency, such as the US dollar, reacted to these economic indicators.
When the US economy shows signs of improvement and growth, the US dollar strengthens. As a result, the gold pair, which is typically traded against the dollar, experiences a decrease in value. This is because a stronger dollar makes gold more expensive for foreign investors, leading to a decrease in demand.
Today, the good USD initial jobless claims data and positive Philadelphia Fed manufacturing index caused the US dollar to gain strength. As a result, the gold pair experienced a significant drop. Investors sold off their gold positions, further contributing to the decrease in value.
Previous released data results :
On last data (20-6-2024) we predict to SELL XAUUSD as for good data, the data created panic selling pressure on gold, causing gold to decline.
Check the previous blog : https://blog.forextrade1.co/impact-of-jobless-claims-philadelphia-fed-manufacturing-index-on-gold-today/
Check last given signal : https://t.me/calendarsignal/13154
Performance :
Conclusion
On 18th July 2024, the good USD initial jobless claims data and positive Philadelphia Fed manufacturing index had a ripple effect on the gold pair market. The positive economic data led to a strengthening of the US dollar, which in turn caused a decrease in the value of the gold pair. Investors reacted to this news by selling off their gold positions, resulting in a decline in the value of the gold pair.
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