Gold tried to recover the previous day at the level of $ 1,750 or the lowest level of the last two and a half months, and on Thursday, he gained momentum in his second session. With acceleration, the XAU/USD parity approached up to $ 1,780. However, according to an analyst, the widespread power of rise surrounding the US dollar makes the upward movement difficult for precious metal. A stronger dollar, including gold, tends to weaken the demand for commodities, including gold.
Which data are waiting for gold investors this week?
Markets think that if price prints continue to intensify, Fed will tighten the monetary policy. Kriptokoin.comAs we have reported before, market expectations were even stronger with Dallas FED President Robert Kaplan’s tightening comments overnight. In an interview with Bloomberg, Kaplan said that they had seen an enlargement in price prints and would prefer to narrow financially before the end of the year. According to FXSTREET analyst Dhwani Mehta, this can support the dollar with a stronger US National Employment Report (ADP) and limit gold gains.
In fact, according to the analyst, the USD index has climbed its highest level since April 8, and the US Treasury has been further supported by a recovery in bond returns. For Mehta, this relieves the likelihood of any “meaningful rise için for gold that does not provide return. In addition, investors can avoid any aggressive betting for valuable metal, and they may prefer to wait before the publication of the US monthly employment report on Friday. At this point, the analyst warns the traders who rise and underlines that they should be more careful.
The analyst also states that the next aspect of gold will be due to non -agricultural employment data that will be announced on Friday. Meanwhile, according to Mehta, Golden Traders are looking forward to the US ISM Manufacturing Purchasing Index (PMI) data for new dollar transactions.
According to the analyst, the levels to be followed in precious metal
In addition to the above data, Mehta performed the technical analysis of gold and shared the levels that investors can monitor. According to the analyst, the “Technical Merger Detector” shows that the gold price is one week and the highest price of the previous day is struggling with strong resistance in $ 1,775. According to the analyst, the next upward barrier is seen in $ 1,778. More above, he says that bulls should follow $ 1,884. The analyst says strong support emerged around $ 1,765. He also says that there may be $ 1,761 on the radar of sellers.
