Gold prediction for today

Gold yesterday had a bearish day setting a new 1903 low as the greenback continued to strengthen.

Positive economic data last Friday boosted USD demand. These numbers raise concerns that the Federal Reserve could still raise interest rates further at its next meeting in September, even as markets still widely expect the Fed to end its bull run. interest rate.

103.5 is the strong resistance of USD, if it is crossed, the target for USD upside momentum will be 104.5. There may also be a correction here

There are a lot of important economic data from the United States scheduled to be released today. Retail sales are expected to increase 0.4% in July. Additionally, the Empire State Manufacturing Index in New York will also be released. Gold price promises to be very exciting

Comment:

Gold prices struggled to gain any meaningful traction during the Asian session on Tuesday and weakened near their lowest levels since June 6 the previous day. XAU/USD manages to hold above the $1,900 mark, at least for the time being, although the trend still seems to favor bearish traders and support the prospect of extending the recent bearish trajectory witnessed in the past four weeks or so.

Comment:

The US Dollar (USD) held steady just below the highest level in more than two months and turned out to be the main factor weakening Gold prices. The growing acceptance that the Federal Reserve (Fed) will keep interest rates higher for longer remains supportive of higher US Treasury yields and continues to act as a headwind. for the Blue Silver.

Comment:

🕯 SELL GOLD | 1920 - 1917
🔴 SL: 1925

🟢 TP1: 1912
🟢 TP2: 1907

🕯 BUY GOLD | 1890 - 1893
🔴 SL: 1885

🟢 TP1: 1898
🟢 TP2: 1903

Trade active:

Plan BUY Running + 30pips ✔️✔️✔️

Trade active:

Close 1/2 + 65pips ✔️✔️✔️ Move SL to Entry 😮

Trade closed: target reached:

Plan BUY HIT TP1 + 80pips ✔️✔️✔️

Comment:

- Goldman Sachs is planning a hiring joy to fix fading amid Fed sternness.