Here’s all the reasons gold is up more than 2% today:
- U.S. consumer sentiment fell to its second-lowest level ON RECORD.
- The government shutdown, the longest in U.S. history, is likely coming to an end this week, easing pressure on the U.S. dollar.
- The US economy likely lost jobs in October, and layoffs reached a 20-year high.
Traders now see about a 70% chance of a rate cut next month.
Gold, therefore, is up ~2.8% on Monday to ~$4,115. The XAUUSD RSI indicator has moved above its midline, showing mild buying pressure, while the 50-day moving average near $3,891 may be acting as key support.
So, is 2.8% just the start of a bigger rally?
For the exact date and time of these major economic events, import the BlackBull Markets Economic Calendar to receive alerts directly in your email inbox.
Trading involves risk and may not be suitable for all investors. The information provided in this article is for educational purposes only and does not constitute financial advice. Always conduct thorough research and seek professional advice before making any investment decisions.
