XAUUSD - Trading is quiet under a lot of pressure

アップデート済

Gold market quiet at the start of the week due to the recovery of the USD and lack of economic data. Investors' trading with gold was limited by neutral statements on monetary policy in the Federal Reserve's July meeting.

The focus is now on the US Non-Farm Payroll data for July, which will be released on Friday. Strong employment data could put pressure on gold as it would reinforce the motivation for the Fed to raise interest rates.

ノート

According to the report, central banks' gold purchases slowed down due to weak ETF demand. From April to June, central banks purchased 102.9 tons of gold, a 39% decrease compared to the unprecedented demand reported in Q2 2022.

ノート

🐾 SELL XAUUSD zone 1985 - 1987

⚠️ Stop Loss : 1990

💲 Take Profit 1: 1980
💲 Take Profit 2: 1975
💲 Take Profit 3: 1965

🐾 BUY XAUUSD zone 1941 - 1939

⚠️ Stop Loss : 1934

💲 Take Profit 1: 1945
💲 Take Profit 2: 1950
💲 Take Profit 3: 1960

ノート

In technical terms, gold futures speculators have lost some overall technical advantage in the short term. The bullish side aims to close above a strong resistance level at $2,028 in July. The bearish side aims to push the futures contract below a solid technical support level at $1,939 in June. The first resistance level is seen at $2,000, followed by this week's high of $2,010. The first support level is seen at $1,975, followed by $1,968.

ノート

🐾 BUY XAUUSD zone 1931 - 1929

⚠ Stop Loss : 1924

💲 Take Profit 1: 1940
💲 Take Profit 2: 1950

ノート

In its announcement, Fitch said it sees the U.S. general government deficit rising to 6.3% of GDP in 2023, up from 3.7% in 2022. The deficit is expected to grow by 6.6% and 6.9% of GDP in 2024 and 2025, respectively.