Ooushh ! Gold took a nasty Dip down 2.5% to 2313 after that key US jobs report . ๐
Looks like hopes for those interest rate cuts everyone was talking about are fading fast .
Why the drop ? Well , the non-farm payrolls data surprised everyone . Turns out , way more jobs were added than expected in May . This strong report makes it less likely the Fed will cut rates later this year, which is bad news for gold .
Dollar Power ! Another factor hurting gold , the dollar is getting stronger . Since gold is priced in dollars , a stronger dollar makes it more expensive for other countries to buy, pushing the price down .
Sitting This One Out Yeah , with this early dip in the London session , Im taking a breather on trading today . Gotta give my mind a rest !
What do you guys think ? Is this a temporary blip for gold or is the bullish trend over ?
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9+ years trading experience . Can navigate a market crash but still tripping over my crush . ๐๐ฅน๐ญ
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Timtan85 : Thanks buying the tasty dip on gold
The Comeback Kid : A blip I believe. A couple of reasons:
1. I still think there will be one cut for Fed rate this year, before Nov. Especially, EU and Canada cut this month.
2. China will likely resume buying again if gold drop further.
3. US debt interest payment is now almost a trillion dollar. They canโt afford to continue this.
4. Political blunder by US to weaponise the dollar makes country starting to shun USD.
้ปๅฎขๆท้่ : Hi, everyone, I'm a newbie. Please give me more advice, please ask: How do I buy this gold, buy a share, or buy an index? Will the current price drop again?
King Crab OP ้ปๅฎขๆท้่ : Use different broker if you want to trade XAU/USD . But im Consider MooMoo App .
King Crab OP The Comeback Kid : Good info .
103143809 King Crab OP : Why should XAUUSD consider other brokers, is Moomoo's spread very high or what kind of problem
King Crab OP 103143809 : Because XAU/USD not available on MooMoo app .๐ฅน