Institution: Gold's decline has been halved, but the risk of another drop remains high
According to Odaily, Investinglive financial website analyst Giuseppe Dellamotta stated that after experiencing the most severe pullback in decades, gold has entered a rebound and recovery phase. However, fundamental factors are still unfavorable for gold prices to rise. Therefore, gold prices will either remain in a wide oscillation range below the January high or face the risk of another decline in the coming weeks or months. In fact, the US ISM Manufacturing PMI released on Monday showed strong performance, with the new orders index jumping to its highest level since 2022. Although this data did not trigger a new round of sell-offs (as the Federal Reserve mainly focuses on the labor market and inflation), the risk of further downside for gold prices still exists. Today, the market will see the release of US ADP employment data and ISM Services PMI data. If the data is unexpectedly strong, it may trigger a hawkish reassessment of interest rate expectations, thereby putting pressure on gold. Conversely, if the data is weak, gold prices may continue to rebound and break new highs while waiting for next week's non-farm payroll report. (Golden Ten Data)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
A position of $8.668 million: a certain address is using 20x leverage to go long on gold
Hilton Worldwide Holdings Insider Sold Shares Worth $2,258,218, According to a Recent SEC Filing
Hinge Health Insider Sold Shares Worth $13,982,810, According to a Recent SEC Filing
Nokia Defense, C3IA Sign MoU to Support UK Defense Digital Transformation
