XAU surged as the US released new economic data
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World gold prices increased today (June 21) when the US released the latest economic data showing the prospect that the US Federal Reserve (Fed) will maintain higher interest rates for a longer period of time.
The latest data released by the US on Thursday (June 20) showed that the number of Americans applying for new unemployment benefits decreased in the week ending June 14. Employment remains strong, raising the prospect that the US Federal Reserve (Fed) may maintain higher interest rates for longer.
According to the CME FedWatch tool, traders are currently pricing in about a 64% chance that the Fed will cut interest rates in September. Lower interest rates reduce the opportunity cost of holding non-couponing bullion.
The latest data released by the US on Thursday (June 20) showed that the number of Americans applying for new unemployment benefits decreased in the week ending June 14. Employment remains strong, raising the prospect that the US Federal Reserve (Fed) may maintain higher interest rates for longer.
According to the CME FedWatch tool, traders are currently pricing in about a 64% chance that the Fed will cut interest rates in September. Lower interest rates reduce the opportunity cost of holding non-couponing bullion.
Note
SELL XAU 2361 TP1: 2357
TP2: 2350
SL: 2369
Note
running 40 pips
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