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📈 Market News – August 8, 2024

🔍 Gold Market Update from Last Night
Last night, gold prices saw a sharp decline as the U.S. stock market experienced a significant drop. This decrease reflects growing concerns about a potential economic recession, driven by underwhelming earnings reports and a decreased demand for U.S. 10-year Treasury bonds. These factors led to a deep drop in gold prices, marking a notably negative night for the precious metal.

📉 Today’s Market Overview This morning, Asian stock markets opened with a downward trend but have since shown slight recovery. Although the market remains weak, sentiment has stabilized compared to previous days. This stabilization has contributed to a modest increase in gold prices, currently trading around $2,395 – $2,397 per ounce, indicating a potential short-term recovery.

📊 Market Sentiment While the market has somewhat mitigated its earlier negativity, concerns about the economic outlook persist. Investors are eagerly awaiting the U.S. unemployment benefits data, expected to be released this evening. The outcome of this data will determine the next trend for gold prices: whether the economy is truly heading into a recession or if the current reactions are temporary.

📈 Trading Strategy

  • If unemployment data is weak: The market may shift towards a negative trend, leading to sell-offs and increased demand for the Dollar and JPY, potentially causing gold prices to drop further.
  • If unemployment data is positive: The market is likely to recover, with gold prices having a chance to rise again, potentially reaching targets of $2,41x – $2x per ounce.

🔮 Today’s Trading Expectations

  • Forecast: If Asian and EU stock markets perform positively, gold prices may surpass the $2,400 per ounce level.
    • Recommended Buy Strategy with targets: $2,395 – $2,397 per ounce, $2,400 – $2,402 per ounce.
    • Longer-term targets: $2,405 – $2,407 per ounce.
    • Alternative Strategy: Consider a Sell strategy during the recovery phase, targeting a drop of 5 – 10 points.

🔔 Note: Trading gold currently involves numerous unforeseen risks. Exercise caution and carefully consider every trading decision to optimize opportunities and minimize risks.

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