XAU/USD 28/07: Profit for the weekend

FX:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD Gold prices fell more than $30 during the US session and remained under pressure amid a stronger US dollar and higher US Treasury yields. Technical factors also weigh on the yellow metal. XAG/USD bottomed out at $1,942 before recovering modestly.

Data from the United States shows the economy unexpectedly accelerated in the second quarter of 2023, with real GDP growing at 2.4%, higher than the 2% recorded in the first quarter and the 1.8% growth rate. market consensus. Additionally, Jobless Claims and Durable Goods Orders surpassed expectations. The numbers provide further evidence that tightening monetary policy is not doing much damage to the economy.

The main strategy for today is to sell gold around 1955. That's really a very good signal, you can also sell at this point. But I am expecting more buy signal. Let's wait and see what can happen

Forex Market Observer

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