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Message: [QUOTE="HubuFX, post: 223875, member: 107424"] [JUSTIFY][B][U]Missed Data and Falling Dollar in Gold Analysis: How Gold Prices are Rising[/U][/B] Gold prices have been rising this week due to two key factors. Firstly, there was a miss in the US JOLTS job openings data, which measures the number of job openings in the US economy. Secondly, there was a miss in the US consumer confidence data, which measures how confident consumers are feeling about the economy. These two misses indicate that the US job market is slowing down, which is in line with the Federal Reserve's objectives. The Federal Reserve wants to cool down the US economy by raising interest rates. As a result of these misses, gold prices surged higher on Tuesday as yields and the dollar fell. On Thursday, there will be another important data release that could impact gold prices: the PCE print. The PCE print measures inflation in the US economy and is closely watched by the Federal Reserve. If the PCE print comes in below market expectations, it could cause yields and the dollar to fall again, which would lift gold prices. The Core PCE print is expected to come in at 4.2%, slightly higher than the previous reading of 4.1% for June. The headline print is expected to come in at 3.3%, up from the previous reading of 3%. It's important to remember that the PCE inflation data is the Fed's preferred measure of inflation, so they will be paying close attention to this data release. [img]https://i.ibb.co/gTRJFk9/XAUUSD-2023-08-31-11-08-39-b2e15.png[/img] Gold is currently testing the broken trend line, which is also near the 1,951 pivot. The bulls must break the pivot to push the price to higher levels such as 1,979 - 1,986. On the flip side, monitoring the price action and candlestick pattern in the pivot zone may provide decent opportunities to go short on XAUUSD. The bearish candlestick patterns you want to look for are Shooting Star, Bearish Engulfing, Evening Star, and Dark Cloud Cover. These patterns can indicate a potential reversal in the market and provide traders with an opportunity to enter a short position on Gold. By carefully analyzing the price action and candlestick patterns in the pivot zone, traders can make informed decisions about their trades and potentially profit from market movements.[/JUSTIFY] [/QUOTE]

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