Gold Continues Loss Streak Despite Strong US Retail Sales
Gold extended its losing streak for a seventh consecutive session early on Tuesday, following the release of stronger-than-anticipated retail sales data in the United States. This data pointed towards a resilient economy despite the presence of elevated interest rates.
The December delivery of gold concluded with a decrease of US$8.80, settling at US$1,935.20 per ounce.
The US Census Bureau unveiled that retail sales experienced a 0.7% surge in July compared to June, surpassing the consensus projection of a 0.4% increase as reported by Marketwatch. Nevertheless, predictions persist that the Federal Reserve will maintain its current interest rate policies throughout the remainder of the year.
Saxo Bank remarked, "Weak sentiment prevails as reflected by the ongoing decline in ETF holdings, which plummeted by 4.3 tons on Monday, reaching a fresh low in over three years. Traders are currently readjusting their expectations, focusing on the timing of the initial rate cut and the subsequent depth of these cuts."
GOLD
BUY LIMIT 1900-1902💯
✅ TP1: 1907
✅ TP2: 1912
🛑 SL: 1896
The December delivery of gold concluded with a decrease of US$8.80, settling at US$1,935.20 per ounce.
The US Census Bureau unveiled that retail sales experienced a 0.7% surge in July compared to June, surpassing the consensus projection of a 0.4% increase as reported by Marketwatch. Nevertheless, predictions persist that the Federal Reserve will maintain its current interest rate policies throughout the remainder of the year.
Saxo Bank remarked, "Weak sentiment prevails as reflected by the ongoing decline in ETF holdings, which plummeted by 4.3 tons on Monday, reaching a fresh low in over three years. Traders are currently readjusting their expectations, focusing on the timing of the initial rate cut and the subsequent depth of these cuts."
GOLD
BUY LIMIT 1900-1902💯 ✅ TP1: 1907
✅ TP2: 1912
🛑 SL: 1896
