Gold price (XAU/USD) drifts lower to near $4,410 during the early Asian session on Tuesday. The precious metal extends the decline as a stronger-than-expected US Nonfarm Payrolls (NFP) report for August bolsters expectations for a Federal Reserve (Fed) interest rate hike this month.
- Gold prices are declining towards $4,410 due to strong US jobs data, increasing the likelihood of a Federal Reserve interest rate hike.
- Analysts note that while near-term price action is sensitive to macro data, gold is in a structural bull run driven by broad-based conviction.
- Technical analysis suggests a neutral near-term tone for gold, with key resistance and support levels identified.
Topics: Asset types, Market cycles macro sensitivity, Alternative assets, Interest rate sensitivity, Inflation recession impact
Tags: #goldprice #usjobsdata #federalreserve #interestratehike #bondyields #inflationdata #societegenerale #uobgroup #technicalanalysis #safehavenasset
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