Maintain in downtrend zone, wait for US PCE data

Jul 31

🔔🔔🔔Gold news:

➡️ Gold prices dropped over 1.7%, slipping below $3,268 after the Federal Reserve decided to keep interest rates steady in a 9-2 vote. Chair Jerome Powell ruled out the likelihood of a rate cut in the near future, adding that “tariff implementation may be slower than expected.” Market expectations for a rate cut in September have fallen to 45%, down from 60% before the Fed's announcement.

➡️ Meanwhile, although U.S. GDP grew in the second quarter, both consumer spending and business investment showed signs of weakness.

➡️ However, gold rebounded above $3,300 as the U.S. threatens to impose a 25% tariff on India and a 50% tariff on Brazil starting August 1, fueling renewed safe-haven demand.

Personal opinion:
➡️ At present, the Fed's decision to keep interest rates unchanged continues to weigh on the market, keeping gold prices on a downward trajectory within the current trend. Investors are now awaiting the upcoming release of key U.S. economic data, particularly the PCE report.

➡️ Technical analysis based on support resistance levels and trend lines combined with EMA to come up with a suitable strategy

Personal Plan:
🔆Price Zone Setup:

👉Sell Gold 3314 - 3317
❌SL: 3321 | ✅TP: 3310- 3305- 3300

👉Buy Gold 3267 - 3270 (Scalping)
❌SL: 3263 | ✅TP: 3274- 3278 - 3283

FM wishes you a successful trading day 💰💰💰

Jul 31

Trade active

Personal plan:
hit + 60 pips from Sell 3315
Set up successful

Jul 31

Trade closed: target reached

max profit + 230 pips from Sell 3315
Big profit