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13:49
How to make money on gold? Trading ideas for traders 09/03/2020: About the growth potential of XAUUSD!

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The price of gold has been declining for the second day in a row and by 10:00 Moscow time on Thursday is $ 1930 per ounce. XAUUSD quotes remain under the pressure of the strengthening dollar. The day before, the American currency almost completely ignored the publication of weak data from the ADP on employment, according to which in August the growth of new jobs in the US private sector was half the forecasted values.

 

 

AMarkets

 

 

According to Automatic Data Processing Inc., the number of jobs in the US private sector in August increased by 428 thousand, while the forecast was 950 thousand. In July, according to revised data, the US private sector created 212 thousand jobs, while earlier reported 167 thousand. Probably, the offsetting effect for the market sentiment could be provided by the data on industrial production. Thus, the volume of industrial orders in the United States in July increased by 6.4% m / m, as in the previous period. Experts had expected the indicator to slow down to 6% m / m. It is worth noting that the volume of new manufacturing orders in the United States in July rose for the third consecutive month, as manufacturing activity continues to recover from the recession due to quarantine restrictions designed to contain the spread of the coronavirus.

 

 

Today, traders are focused on the data on the dynamics of applications for unemployment benefits in the US, as well as the August report on business activity in the US services sector from ISM. If the statistics disappoint, the dollar risks weakening, which could support gold quotes.


In addition, investors this month are trying to assess the timing and scope of the next tranche of US financial aid, which should ease the plight of American consumers and companies. Treasury Secretary Stephen Mnuchin on Tuesday called on the US Congress to allocate more funds to combat the fallout from the coronavirus pandemic and said he was ready to resume talks with Democratic Party leaders. Once a new liquidity package is agreed upon, gold may receive additional support.

 

XAUUSD BuyLimit 1915 TP 2000 SL 1890

 

Analytical reviews and comments to them reflect the subjective opinion of the authors and are not a recommendation for trading. The author is a trader analyst at AMarkets Artem Deev. The social network of traders is not responsible for possible losses in case of using the review materials

 

 

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