Gold price falls to test $1,930 amid firmer US Dollar, yields
Gold Price (XAU/USD) remains on the back foot for the fourth consecutive day even as the bears struggle to gain market acceptance ahead of the top-tier US data. In doing so, the yellow metal portrays the trader’s cautious optimism as full markets return after a long weekend in the US.
That said, the doubts about China’s capacity to defend the economic recovery join firmer US Treasury bond yields, which in turn underpins the US Dollar’s rebound amid a sluggish session.
It should be noted that Friday’s upbeat US Nonfarm Payrolls (NFP), global rating agency Moody’s upbeat revision to the US growth forecasts and hawkish comments from Federal Reserve Bank of Cleveland President Loretta J. Mester seem to keep the US Dollar firmer, as well as exert downside pressure on the Gold Price.
Alternatively, the risk-positive news from China’s biggest reality player Country Garden and Beijing’s efforts to defend economic recovery via multiple qualitative and quantitative measures should have prod the Gold sellers but failed to do so amid the recently firmer Greenback.
Moving on, the full markets’ reaction to the latest shift in sentiment and today’s US Factory Orders for July, as well as the Fed concerns, will be important to watch for clear directions.
PLAN 1: BUY XAUUSD 1928 - 1930
Stop Loss : 1924
Take Profit 1 : 1935
Take Profit 2 : 1940
Take Profit 3 : 1945
PLAN 2: SELL XAUUSD 1909 - 1912
Stop Loss : 1905
Take Profit 1 : 1920
Take Profit 2 : 1925
Take Profit 3 : 1930
That said, the doubts about China’s capacity to defend the economic recovery join firmer US Treasury bond yields, which in turn underpins the US Dollar’s rebound amid a sluggish session.
It should be noted that Friday’s upbeat US Nonfarm Payrolls (NFP), global rating agency Moody’s upbeat revision to the US growth forecasts and hawkish comments from Federal Reserve Bank of Cleveland President Loretta J. Mester seem to keep the US Dollar firmer, as well as exert downside pressure on the Gold Price.
Alternatively, the risk-positive news from China’s biggest reality player Country Garden and Beijing’s efforts to defend economic recovery via multiple qualitative and quantitative measures should have prod the Gold sellers but failed to do so amid the recently firmer Greenback.
Moving on, the full markets’ reaction to the latest shift in sentiment and today’s US Factory Orders for July, as well as the Fed concerns, will be important to watch for clear directions.
PLAN 1: BUY XAUUSD 1928 - 1930
Stop Loss : 1924
Take Profit 1 : 1935
Take Profit 2 : 1940
Take Profit 3 : 1945
PLAN 2: SELL XAUUSD 1909 - 1912
Stop Loss : 1905
Take Profit 1 : 1920
Take Profit 2 : 1925
Take Profit 3 : 1930
Note
The market is moving in the right directionNote
The field has exceeded the point
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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.