Gold price prediction August 16, 2023
The radiant world gold price now continued to decline slightly with spot gold down 5.2 USD to 1,901.6 USD/ounce. December gold futures last traded at $1,933.4 per ounce, down $10.6 from the previous morning.
Gold prices are trading at a five-month low, under selling pressure even as the New York Federal Reserve reported a sharp drop in activity in the region's manufacturing sector.
Early that morning of August 15, the regional central bank said the Empire State Index survey's overall business conditions index fell -19 in August, down 1.1 from July. This data is significantly lower than expected, because consensus forecasts are looking for a drop to -0.9.
My data points for the day showed a 0.7 percent increase in retail sales for July compared to June, which was a surprise and well above market expectations. The report is a hawk on US monetary policy and is key US data ahead of next week's annual Fed symposium in Jackson Hole, Wyoming.
BUY
XAUUSD
1903 - 1905
SL : 1984
TP 1: 1915
TP 2: 1920
Gold prices are trading at a five-month low, under selling pressure even as the New York Federal Reserve reported a sharp drop in activity in the region's manufacturing sector.
Early that morning of August 15, the regional central bank said the Empire State Index survey's overall business conditions index fell -19 in August, down 1.1 from July. This data is significantly lower than expected, because consensus forecasts are looking for a drop to -0.9.
My data points for the day showed a 0.7 percent increase in retail sales for July compared to June, which was a surprise and well above market expectations. The report is a hawk on US monetary policy and is key US data ahead of next week's annual Fed symposium in Jackson Hole, Wyoming.
BUY
XAUUSD
1903 - 1905
SL : 1984
TP 1: 1915
TP 2: 1920
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