Will US ADP jobs data and Powell trigger Gold price correction?
Gold price continues to draw support from escalating geopolitical tensions in the Middle East and between Ukraine and Russia, and therefore, buyers stay unperturbed by the tempered bets for a June US Federal Reserve (Fed) interest rate cut bets.

On Tuesday, a Ukrainian drone struck one of Russia's biggest refineries, which shot up Oil prices, in turn, boosting the inflation-hedge Gold price. Additionally, investors flocked to safety in the traditional safe-haven Gold, following reports of Israel's air strikes on an Iranian embassy compound compound in Damascus, Syria. In response, Iranian President Ebrahim Raisi said it was an "inhumane assault in brazen violation of international law”, warning that it will not go unanswered.

Markets are also risk-averse in reaction to the devastating earthquake of 7.7 magnitude that struck Taiwan and caused 26 buildings to collapse, with Tsunami alerts being issued. Also, the overnight sell-off in Wall Street stocks on the back of fading June Fed rate expectations and strong US jobs data sap investors’ confidence..

Even as risk sentiment remains tepid, the US Dollar fails to capitalize due to weaker US Treasury bond yields, as a flight to safety lifts the demand for the US Treasury bonds.

Strong US ISM Manufacturing PMI and JOLTS Job Openings data have sponsored the recent upsurge in the US Treasury bond yields, anticipating that the Fed could delay its dovish policy pivot on the back of the US economic resilience.

NO NEED TO BUY SERVICES ANYMORE



GET FREE V.I.P SIGNALS


GET FREE ACCOUNT MANAGEMENT



REGISTER ACCOUNT HERE TO GET FREE SERVICES

👇👇
https://one.exness-track.com/b....oarding/sign-up/a/uq

CONTACT US WHATSAPP

👇👇
https://wa.me/message/N2FMFXNQFARBK1

JOIN IN MY WHATSAPP GROUP
👇👇
https://chat.whatsapp.com/DJGzK3u46Ja3c4ng81rZmb