{"id":69120,"date":"2023-09-04T15:14:46","date_gmt":"2023-09-04T12:14:46","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=69120"},"modified":"2025-11-19T14:18:52","modified_gmt":"2025-11-19T12:18:52","slug":"gold-appears-to-be-on-track-for-another-week-in-the-greens","status":"publish","type":"post","link":"https:\/\/www.ironfx-cn.com\/es\/gold-appears-to-be-on-track-for-another-week-in-the-greens\/","title":{"rendered":"Gold appears to be on track for another week in the greens"},"content":{"rendered":"

Oro<\/strong> at the time of this report<\/a>, seems to be continuing<\/strong> its upward<\/strong> trajectory<\/strong>, yet appears to have remained relatively unchanged<\/strong> since trading<\/strong> started for the week. We note the potential for high volatility in the gold<\/strong> market, due to the numerous high-impact financial releases stemming from the US which are due to be released during the week. This report aims to shed light on the catalysts driving gold\u2019s price, assess its future outlook and conclude with a technical analysis. <\/p>\n\n\n\n

US Mixed Employment data<\/strong><\/h2>\n\n\n\n

The US<\/strong> Employment<\/strong> data<\/strong> was released on Friday, appears to have eased<\/strong> market analyst\u2019s expectations<\/strong> of future rate hikes<\/strong>.  The lower-than-expected<\/strong> average hourly earnings rate and an increase in the unemployment rate, where indicative of a loosening<\/strong> labour<\/strong> market, despite the better-than-expected Non-Farm Payrolls figure. As such, market<\/strong> expectations<\/strong> of future rate hikes by the Fed<\/strong> appear to have eased<\/strong>, as a looser labour market, may weaken the Fed\u2019s<\/strong> resolve<\/strong> to continue on its aggressive<\/strong> rate<\/strong> hiking<\/strong> path<\/strong> as further rate<\/strong> hikes<\/strong> could result in an overtightening<\/strong> scenario which may lead<\/strong> to the US<\/strong> economy entering a recession<\/strong>. Furthermore, as a result of market analyst\u2019s expectations<\/strong> of easing<\/strong> inflationary<\/strong> pressures<\/strong> down the pipeline<\/strong>, the precious<\/strong> metal<\/strong> may have capitalized<\/strong> on longer<\/strong> term<\/strong> expectations of the Fed<\/strong> potentially remaining on pause<\/strong> or even cutting<\/strong> rates<\/strong>, albeit<\/strong> a far-fetched scenario<\/strong> at this time. Therefore, a weaker greenback may allow overseas investors to purchase the gold bullion at a lower price, thus leading<\/strong> to an increase<\/strong> in demand<\/strong>, which may support<\/strong> the price of the precious<\/strong> metal<\/strong>.<\/p>\n\n\n\n

China\u2019s economic woes<\/strong><\/h2>\n\n\n\n

The continued issues faced by China\u2019s economy<\/strong>, such as it\u2019s property<\/strong> sector<\/strong> turmoil<\/strong> y local<\/strong> government debt<\/strong>, appear to be worrying<\/strong> for market participants<\/strong>. As such, due to China<\/strong> being one of the worlds largest<\/strong> economies<\/strong>, any uncertainty<\/strong> regarding their economic<\/strong> stability<\/strong>, could weigh on the global<\/strong> economy<\/strong> and should China\u2019s economic<\/strong> woes<\/strong> continue, they may inadvertently weigh<\/strong> on other major<\/strong> economies<\/strong>, which in turn could fuel recession<\/strong> worries<\/strong> on a global<\/strong> level<\/strong>. Therefore, the uncertainty<\/strong> surrounding China\u2019s economic recovery<\/strong>, could be one of the reasons that have facilitated<\/strong> gold\u2019s<\/strong> ascent<\/strong> due to its safe<\/strong> haven<\/strong> status<\/strong> during times of economic uncertainty<\/strong>. However, the Chinese Government<\/strong> appears to be attempting to stimulate<\/strong> economic growth<\/strong> by implementing<\/strong> measures<\/strong> such as reducing<\/strong> the amount of foreign<\/strong> currency required to be held by financial<\/strong> institutions<\/strong> in reserve. This may be perceived<\/strong> as an  attempt to boost<\/strong> economic<\/strong> activity in the region , as local administrations<\/strong> in Beijing<\/strong> y Shanghai<\/strong>  are also lowering the minimum<\/strong> mortgage<\/strong> interest<\/strong> rates<\/strong> for first time homebuyers in an apparent attempt to boost<\/strong> the ailing<\/strong> property<\/strong> market. In conclusion<\/strong>, the attempts made by the Chinese government<\/strong>, may increase confidence<\/strong> in China\u2019s<\/strong> economic recovery<\/strong>, yet we believe that this may be short lived<\/strong> and that underlying worries<\/strong>, could potentially<\/strong> persist<\/strong> and as such push the precious<\/strong> metal<\/strong> to higher<\/strong> ground.<\/p>\n\n\n\n

An\u00e1lisis t\u00e9cnico<\/strong><\/h2>\n\n\n\n

XAU\/USD Gr\u00e1fico 4H<\/em><\/strong><\/h3>\n\n\n\n
\"\"<\/figure>\n\n\n\n