With news Core retail sales better than expected.The USD immediately benefited and pushed gold down
However, when GOLD touched the H4 trend, it bounced back, causing gold to continue to enter the trajectory of the parallel trend.Gold has now bounced and created a short-term buying trend
The US Dollar Index (DXY), which measures the strength of the US Dollar (USD) against a basket of six major currencies, continues its fifth consecutive day of gains.
Trading plan:
BUY XAUUSD soup around the price: 1896 - 1894
Stoploss : 1890
Take Profit : 1905 Take Profit : 1910 Take Profit : 1920
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Gold prices recovered from their lowest levels since late June as the market prepared for the minutes of the Fed's monetary policy meeting. Adding strength to the corrective rally could be the latest cautious optimism in the markets amid hopes for more stimulus from China, as well as an end to the Fed tightening cycle driven by mixed data. recent United States.
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Looks like gold is going sideways waiting for tonight's FOMC minutes.I am still expecting gold to hit the entry as I have analyzed above.
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A firmer US Dollar and rising bond yields are generating headwinds. At 4.2%, yields on ten-year US Treasuries reached their highest level since November 2022. The real interest rate, calculated after deducting the market-based inflation expectations, now exceeds 1.8%. Climbing real interest rates increases the opportunity costs of holding Gold, which does not yield any interest itself.