Gold Price Forecast: XAUUSD conquers $1750 as US Q2 GDP shranks flashes a recession – by christianborjon Gold XAUUSD UnitedStates Recession Fed
, opening the door for another “exceptionally” increase. After that, the US central bank would become data-dependent and could slow the pace of tightening.
Gold price reaction to that climbed from $1718.60 to $1738.28 and finished trading around $1733.10. On Thursday, the XAUUSD is gaining almost $20 and is up 1%.for Q2 showed signs that the economy is further deteriorating. The US Department of Commerce revealed that GDP shrank at a 0.9% YoY pace after declining 1.6% in the first quarter, meaning that the US is in a technical recession.
At the same time, the US Department of Labor reported that Initial Jobless Claims for the week ending on July 23 rose by 256K, higher than forecasts but lower than the previous week’s 261K. That said, gold regained some bullishness as a stagflation scenario in the US economy looms. However, XAUUSD traders should be aware of US Treasury yields and the US dollar reaction to forwarding data. At the time of writing,
is rising 0.12%, at 106.598, while the US 10-year Treasury yield collapsed almost ten bps, at 2.685%, a tailwind for the yellow metal.On Friday, the US economic docket will feature the Fed’s favorite inflation gauge, the Personal Consumption Expenditures , on its headline and core readings. Also, investors need to be aware of the Employment Cost Index, which would shed some clues regarding the stickiness of inflation.
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