The dollar strengthened after some disappointing Chinese economic indicators stoked concerns about global growth, boosting demand for the safe-haven greenback.
Recently, the dollar rose on concern that prolonged inflation will cause the Federal Reserve to keep interest rates higher for longer than previously expected by traders.
The USD is also increasing in the short term. Gold prices may remain under downward pressure for the rest of the summer. However, the short-term drop in gold is seen as an entry opportunity. Gold is likely to increase rapidly in the spring and next year. Gold's long-term uptrend is appreciated.
BUY XAUUSD around price: 1885 - 1887
Stoploss : 1880
Take Profit : 1890
Take Profit : 1900
Take Profit : 1905
Recently, the dollar rose on concern that prolonged inflation will cause the Federal Reserve to keep interest rates higher for longer than previously expected by traders.
The USD is also increasing in the short term. Gold prices may remain under downward pressure for the rest of the summer. However, the short-term drop in gold is seen as an entry opportunity. Gold is likely to increase rapidly in the spring and next year. Gold's long-term uptrend is appreciated.
BUY XAUUSD around price: 1885 - 1887
Stoploss : 1880
Take Profit : 1890
Take Profit : 1900
Take Profit : 1905
Comment:
Gold price is consolidating lossess in early Thursday’s trading, having touched the lowest level in five months at $1,890. XAU/USD sellers are biding time before the next push lower, as the United States Dollar (USD) continues to garner demand heading into a fresh batch of mid-tier US economic data.
Comment:
Concerns about China's deteriorating economic prospects could put pressure on Gold's ability to sustain its value. Moreover, robust US economic performance triggered the US Treasury bond yields, bolstering the US Dollar (USD). This upward momentum in the USD could exert downward pressure on the price of Gold.
Gold is about to find an entry point, please pay attention
Gold is about to find an entry point, please pay attention
Comment:
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Trade closed: target reached:
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