Analysis on XAU/USD: Impact of US Employment Data on Gold Price Movement
Tuesday, 9 July 2024, 10:29
XAU/USD Analysis
The XAU/USD chart displayed significant movement, with gold prices hitting a six-week high on 5 July.
Key US Employment Data
Following the release of crucial US employment data, indicating a softening labor market, gold prices experienced a decline.
Federal Reserve Rate Cut Expectations
Investor sentiments were influenced by the anticipation of a Federal Reserve interest rate cut in September, impacting gold's value.
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