{"id":16149,"date":"2022-12-06T08:27:55","date_gmt":"2022-12-06T08:27:55","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=16149"},"modified":"2022-12-06T08:27:55","modified_gmt":"2022-12-06T08:27:55","slug":"gold-falls-victim-to-strong-us-data","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/MU\/gold-falls-victim-to-strong-us-data\/","title":{"rendered":"Gold Falls Victim to Strong US Data"},"content":{"rendered":"<h1>Gold Falls Victim to Strong US Data<\/h1>\n<p>Gold has sold off thanks to a rebound in US dollar and bond yields. The fact that the yellow metal has turned lower from a key level makes today\u2019s reversal eye-catching as the chart suggests that at least a temporary top may be in for now.<\/p>\n<p>Gold fell along with the major <a href=\"https:\/\/www.xtrememarkets.com\/mu\/\"><strong>currency pairs<\/strong><\/a> today as the dollar found support on the back of some stronger-than-expected US macro data. Factory orders surged by more than expected, rising 1% month-on-month, while the closely-followed ISM services PMI came in at 56.5 compared to 53.3 expected and 54.4 last.<\/p>\n<p>With US data continuing to remain largely positive, some investors are starting to re-question the market pricing of the terminal interest rates in the US, currently priced in at just below 5%. If incoming data continues to remain favorable, then inflation is likely to persist longer and that may encourage the Fed to be even more reluctant to pause its hiking early in the first half of 2023.<\/p>\n<p>The chart of gold showed a potential reversal in the trend with the formation of a bearish engulfing candle on the daily time frame. The fact that this has been printed after gold earlier failed to hold above the key $1800 level makes it even more interesting. The $1800 level was a major support level in the past, which provided plenty of <a href=\"https:\/\/www.xtrememarkets.com\/mu\/forex-broker-promotions-and-bonuses\/\"><strong>bounces<\/strong> <\/a>for gold until it finally gave way back in July. It is also where the 200-day moving average comes into play.<\/p>\n<p>Bull\u2019s failure to reclaim the 200 MA will excite the bears. But the bears still have some work to do as there are a few important supports that need to be broken if they are to regain full control of price action again. Among those, $1770 is the first hurdle, where we also have the bullish trend line converging. Next level down is around $1735, the most recent low.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold Falls Victim to Strong US Data Gold has sold off thanks to a rebound in US dollar and bond yields. The fact that the yellow metal has turned lower from a key level makes today\u2019s reversal eye-catching as the chart suggests that at least a temporary top may be in for now. Gold fell<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/MU\/gold-falls-victim-to-strong-us-data\/\">continue reading<\/a>.","protected":false},"author":3,"featured_media":16150,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[20,265,182,19,24,278,162,22,201],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Gold Falls Victim to Strong US Data | Xtreamforex<\/title>\r\n<meta name=\"description\" content=\"Gold fell along with the major currency pairs today as the dollar found support on the back of some stronger-than-expected US macro data.\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/MU\/gold-falls-victim-to-strong-us-data\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" 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