Gold Consolidates Amid Dollar Struggle and US Data Awaited
It appears that gold has shifted from one trading range to another, currently consolidating between the $1940 and $1963 price levels, the latter of which was the high last week. Despite the Dollar Index (DXY) struggling, gold is expected to find support, and any downward pressure is likely to be short-lived, similar to what happened yesterday. The US Yields, much like the DXY, attempted to bounce yesterday but ultimately continued its downward trajectory, with the US 10Y almost breaking last week's lows at around 3.765%.
Today, the US is set to release Retail Sales data, while US earnings will resume with Bank of America leading the way. Positive earnings could potentially weigh on gold prices, as investors may shift towards US equities and indices. On the other hand, if the Retail Sales data prints lower than expected, it might offer temporary support to the dollar, as many analysts predict a significant softening of consumption due to the impact of rising US interest rates on consumers. The question remains whether these estimates and forecasts will be accurate and provide a temporary reprieve for the DXY.
XAUUSD
BUY LIMIT 1955 - 1957 💯💯
✅ TP1: 1961
✅ TP2: 1966
✅ TP2: 1971
🛑 SL: 1951
Today, the US is set to release Retail Sales data, while US earnings will resume with Bank of America leading the way. Positive earnings could potentially weigh on gold prices, as investors may shift towards US equities and indices. On the other hand, if the Retail Sales data prints lower than expected, it might offer temporary support to the dollar, as many analysts predict a significant softening of consumption due to the impact of rising US interest rates on consumers. The question remains whether these estimates and forecasts will be accurate and provide a temporary reprieve for the DXY.
XAUUSD
BUY LIMIT 1955 - 1957 💯💯 ✅ TP1: 1961
✅ TP2: 1966
✅ TP2: 1971
🛑 SL: 1951
