#金融市场速览📈📉

The reason why the price of gold suddenly soared by nearly $27 has been found!

Two big news from Israel How to trade gold?

Spot gold soared by nearly $27. The performance of US economic data was worse than expected, which put pressure on the US dollar, thereby boosting the price of gold. In addition, the situation in the Middle East has become tense again, and the resulting safe-haven buying has pushed gold up.

Spot gold closed up $26.88, or 1.2%, at $2,356.02 per ounce on Wednesday. The price of gold hit a high of $2,364.96 per ounce during the session.

FXStreet analyst Christian Borjon Valencia pointed out that on Wednesday, the economic data released by the United States was weaker than expected, increasing bets that the Federal Reserve may cut interest rates in September, and the price of gold soared by more than 1%.

Valencia said that the overall trend of gold is bullish, and this view remains intact. This is further confirmed by the bullish momentum of the relative strength index (RSI). If gold prices break through the neckline, it will push gold prices up to $2,400/oz and invalidate the head and shoulders pattern. This will pave the way for gold prices to rise further and hit the year-to-date high of $2,450/oz.