Tech

Gold breaks out to new highs as US economy starts to slow down

04/04/2023
Bitcoin Ethereum News

Quick Take

  • In the past two days, a lot of macro data has come out for the U.S., which shows significant signs of a slowing economy in the U.S.
  • Yesterday, the US manufacturing slump deepened as the manufacturing ISM index fell further into contraction, which fell below expectations and fell to its lowest level since May 2020.
  • Today, JOLTS data printed 9.93 million vs. the 10.5 million expected. This was the smallest print since April 2021.
  • Labor demand is falling; companies are posting fewer jobs and fewer plans for hiring people.
  • The next shoe to drop should be unemployment which comes out on Friday.
  • As a result, the DXY index dropped to 101.6, and US yields dropped.
  • While gold breaks out to $2,020
  • Bitcoin remains above $28,000
Assets: (Source: Trading View)
Assets: (Source: Trading View)
ISM:(Source: Bloomberg)
ISM:(Source: Bloomberg)

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Source: https://cryptoslate.com/insights/gold-breaks-out-to-new-highs-as-us-economy-starts-to-slow-down/