Hello everyone! Today i want to share some macro analysis with you!
1.
$Gold - main 2602(GCmain)$ prices fell nearly 1% on Wednesday (January 7), partly due to profit-taking after recent gains. Additionally, optimistic U.S. services sector activity data and resilient labor market data offset geopolitical risks, contributing to the nearly 1% drop.
Gold closed down $37.89, or 0.84%, at $4456.32 on Wednesday; it had earlier plunged as much as 1.7% to $4422.89 per ounce.
Gold prices retreated from $4500 as strong U.S. economic data dampened safe-haven demand. Gold prices fell nearly 1% on Wednesday after the ISM Services PMI unexpectedly rose, suggesting more robust U.S. economic momentum.
Key U.S. economic data for the remainder of the week includes initial jobless claims and the December non-farm payrolls report. Continued deterioration in the labor market could push gold prices higher.
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