XAU drops sharply without any news
The USD continues to surprise the market when it has increased quite strongly in recent sessions. Along with that, countries are also lowering interest rates and looking for ways to support the weakened economy after the pandemic and the instability of production chains as well as reduced consumer demand around the world.
The price of gold rings in basic units remains the same in both buying and selling directions compared to the previous session.
According to technical analysis, the indexes reaching 50 points are an expansion level. However, at the time of assessment, consumers are more optimistic than last month, showing a positive trend, they will buy more goods and services, which will boost domestic demand, stimulate businesses and the economy to grow better.
The price of gold rings in basic units remains the same in both buying and selling directions compared to the previous session.
According to technical analysis, the indexes reaching 50 points are an expansion level. However, at the time of assessment, consumers are more optimistic than last month, showing a positive trend, they will buy more goods and services, which will boost domestic demand, stimulate businesses and the economy to grow better.
Note
buy XAU 2616
TP1: 2625
tp2: 2633
sl: 2609
Note
running + 70 pips 
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.