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

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

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James Van Straten

Former Lead Analyst • CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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