How will the economic situation change today’s gold price?
Most Asian markets traded sideways on Monday as Chinese stocks rose as the government eased restrictions and strong wage data led to some uncertainty over U.S. monetary policy. Tighten COVID in more cities. China’s blue-chip CSI 300 rose 1.7%, while the Shanghai Composite rose 1.6%, with both indexes hitting their highest levels since mid-September. Hong Kong’s Hang Seng was the best performer in Asia, rising 3.5 percent. The index now confirms a bull market after rising more than 20% from a 13-year low hit in October. The stock also led losses on Wall Street, which fell on Friday after data showed U.S. nonfarm payrolls rose more than expected in November. The data gave the Fed more room to keep rates on hold, as the U.S. central bank said it would seek to cool the labor market as part of its anti-inflation stance. Riskier stocks fell after most Southeast Asian stock markets tumbled. Malaysian stocks were the worst performers in the region, falling 0.6%. Japan’s Nikkei 225 rose 0.1% after data showed the country’s business activity fell sharply in November, adding further pressure to the Japanese economy. The Reserve Bank is widely expected to hike rates by 25 basis points.
For today’s gold price, you can wait to buy gold at 1796.00, set your profit at 1800.00, and set stop loss at $1790.00 per ounce.