❗️Gold Prices Retreat as Dollar Gains Amidst Cautious Investor Sentiment❗️
Gold prices (XAU/USD) experienced a slight decline in the European morning session, halting a recovery from $2,020 around the $2,040 mark. This dip is attributed to the US Dollar reclaiming strength amid a risk-averse market sentiment. Investor caution prevails, anticipating crucial US macroeconomic data releases this week, with particular attention on Friday's Nonfarm Payrolls report. These figures are pivotal for confirming the conclusion of the Federal Reserve's tightening cycle and heightening expectations of rate cuts in Q1 2024.
Monday's data revealed a contraction in US Factory Orders beyond expectations for October, indicating a slowdown in economic growth in the final quarter of the year. Investors closely monitor Tuesday's US ISM Services PMI and JOLTS Job Openings data. Wednesday's ADP Employment Change and Friday's Nonfarm Payrolls (NFP) hold significance as they gauge labor market strength, influencing the Fed's immediate trajectory. The week's highlights will provide key insights into the economic landscape and shape expectations for monetary policy.
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