Yesterday the gold price drew a bearish candlestick with a long shadow at the bottom of the candle. The price has crossed the middle band line from the upside and bounced to around $2492 near the middle band line. The middle band line is often a consolidation zone of price deviations.
Yesterday's release of ISM Manufacturing PMI data showed that the actual data was 47.2, slightly lower than the expected 47.5, but higher than the previous revision of 46.8. Meanwhile, ISM Manufacturing Prices showed actual data of 54.0, higher than expected 52.1 and the previous revision of 52.9.
Market players still seem to be hoping for new clues about what the Fed will do this month, even though news that the Fed will cut interest rates has been circulating for a long time.
According to the FedWtach Tool from CME Group, forecasts for interest rate cuts are between 5%-5.25% at 62.0% and 4.75%-5% cuts at 38%.
Today's important data that will be released and may be of concern to investors is US jobs data, Job Openings and Labor Turnover Survey (JOLTS), which is predicted to fall by 8.09M from the previous revision of 8.18M.
On the other hand, investors will wait for US NFP data which will be released on Friday which is expected to provide a clear picture of what the Fed will do.
Yesterday's release of ISM Manufacturing PMI data showed that the actual data was 47.2, slightly lower than the expected 47.5, but higher than the previous revision of 46.8. Meanwhile, ISM Manufacturing Prices showed actual data of 54.0, higher than expected 52.1 and the previous revision of 52.9.
Market players still seem to be hoping for new clues about what the Fed will do this month, even though news that the Fed will cut interest rates has been circulating for a long time.
According to the FedWtach Tool from CME Group, forecasts for interest rate cuts are between 5%-5.25% at 62.0% and 4.75%-5% cuts at 38%.
Today's important data that will be released and may be of concern to investors is US jobs data, Job Openings and Labor Turnover Survey (JOLTS), which is predicted to fall by 8.09M from the previous revision of 8.18M.
On the other hand, investors will wait for US NFP data which will be released on Friday which is expected to provide a clear picture of what the Fed will do.
