What’s happening in the markets? We’ve put together some of the most important news and events that may affect your trades in the near term.
Mixed Economic Data Released Earlier This Week. Will Gold Move Erratically?
- Earlier this week, ISM Manufacturing PMI and ADP Employment Change were released. Both data were not in sync, which can create confusion in the market.
- According to FOMC meeting minutes, the economic condition in the US is better than previously, which shows signs of economic activity, but they expect the economy will be slow.
- Today, other important economic indicators will be released, the NFP and unemployment rate. The NFP is getting flatter with a declining tendency, while the unemployment rate remains flat, close to its decade-low level.
- From a technical perspective, Gold closed 2022 flat after a very volatile year. Gold is retesting its closest resistance at around USD1,860 per troy ounce.
If Gold can close above USD1,840 per troy ounce again, it may again retest the USD1,880 per troy ounce.
On the contrary, if Gold fails to close above 1,850 per troy ounce, it may retrace to USD1,815 per troy ounce.
We’ll continue to keep you informed about current market trends and the drivers behind them. Stay tuned for more updates in the future.
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