XAUUSD - Weaker on more weak China data, technical selling

Aug 10, 2023

Gold prices fell in midday US trading on Wednesday, the metal falling to a four-week low. Precious metals were pressured by another economic report from China that showed less consumer demand for goods and services, including metals.

Histogram-based selling also appeared midweek, as the short-term technical views on gold and silver have turned more bearish.

Aug 10, 2023

Note

Stocks rose Thursday after a key inflation reading showed slightly less year-over-year inflation growth than expected.
🟢The Dow Jones Industrial Average advanced 337 points, or 1%.
🟢The S&P 500 climbed 0.9%, and the Nasdaq Composite rose 1.1%.

Aug 11, 2023

Note

Technically, gold price failed to sustain in its sideways range at $1,930 - $1,950 and turned down.

Aug 14, 2023

Note

Yields on 10-year US government bonds last week increased continuously, from 4% to 4.138%/year, making gold less attractive.

Aug 15, 2023

Note

Before the strength of the USD and bonds, speculators limited their holdings of precious metals, causing the world gold price to drop to 1,902 USD/ounce last night.

Aug 15, 2023

Note

BUY XAUUSD zone 1899 - 1902

SL: 1896

TP: 1905
TP: 1908

Aug 16, 2023

Trade closed: target reached

It's Hit TP2 + 90pips 🧃🧃🧃

Aug 16, 2023

Note

Immediate support is the 38.2% Fibonacci retracement level at 1903. A confirmatory close under this point exposes the midpoint at 1848. Otherwise, in the event of a turn higher, keep a close eye on the falling trendline from April. This could hold as resistance, maintaining the near-term downside focus.