The price of gold is heavily influenced by the economic data of the United States. In the second quarter, the US economy experienced a growth rate of 2.4% on an annualized basis, surpassing expectations. This indicates that there are no immediate plans for aggressive interest rate hikes by the US Federal Reserve, which increases the likelihood of a smooth and gradual economic slowdown. The Fed's decision to abandon its prediction of a recession further supports this view as they increased key rates as anticipated during their recent meeting.
This information is significant in relation to the price of gold because if there is no impending recession, it becomes less likely that there will be any substantial cuts in interest rates in the near future. However, market expectations still indicate support for potential rate cuts within the coming year, which bodes well for investors interested in precious metals like gold. As a result, close attention will be paid to US economic data over the next few days and weeks as it is expected to have a significant impact on determining movements in gold prices.
After a strong correction 2 days ago last week, gold price is moving in the 1960 zone. This shows that gold price is very sensitive to economic news, can be fomo at any time. This week continues with a lot of important news in favor of the dollar, gold prices could continue to fall deeply
SET UP :
BUY GOLD zone: $1932 - $1935 SL $1925
TP1: $1950
TP2: $1965
Based on the Fibonancy indicator, it is showing a short-term bearish signal for Gold. Combine the support zone $1932 , so we can place a LIMIT BUY order at this zone
This information is significant in relation to the price of gold because if there is no impending recession, it becomes less likely that there will be any substantial cuts in interest rates in the near future. However, market expectations still indicate support for potential rate cuts within the coming year, which bodes well for investors interested in precious metals like gold. As a result, close attention will be paid to US economic data over the next few days and weeks as it is expected to have a significant impact on determining movements in gold prices.
After a strong correction 2 days ago last week, gold price is moving in the 1960 zone. This shows that gold price is very sensitive to economic news, can be fomo at any time. This week continues with a lot of important news in favor of the dollar, gold prices could continue to fall deeply
SET UP :
BUY GOLD zone: $1932 - $1935 SL $1925
TP1: $1950
TP2: $1965
Based on the Fibonancy indicator, it is showing a short-term bearish signal for Gold. Combine the support zone $1932 , so we can place a LIMIT BUY order at this zone
