XAUUSD PLAN 7/2
Gold moved in the 2318-2338 range yesterday with an upward trend when the US released Manufacturing PMI data that did not meet expectations. Today the market awaits FED Chairman Powell's speech at 20:30 tonight and JOLTS Job opportunity data at 21:00.
The US economy released business activity figures on the manufacturing front with mixed results. The S&P Global Manufacturing PMI stood in expansion territory, in contrast to the ISM Manufacturing PMI, which fell for the third straight month in June.
Uncertainty about when the US Federal Reserve (Fed) will begin cutting interest rates keeps investors guessing and limits direction. Most Fed officials are reluctant to commit to an initial rate cut date until more data shows inflation is falling sustainably.
Today Traders are keeping an eye on Federal Reserve Chairman Jerome Powell's speech at 8:30 p.m., followed by the Fed's latest monetary policy minutes on Wednesday. The US economic calendar will then feature Services PMIs from S&P and ISM, followed by US Nonfarm Payrolls on Friday.
The Federal Reserve's policy trends are always the main factor affecting gold prices. If Powell reiterates his data-driven approach and hints at the possibility of a policy change in his speech on Tuesday, the market could pin hopes on a rate cut in September. Expectations Such hopes could weaken the dollar, providing support for gold. However, if Powell's comments turn hawkish and emphasize the importance of controlling inflation, the dollar could strengthen, putting pressure on gold.
In summary: Gold is moving to accumulate in the 2318-2338 range as the market is waiting for FED Chairman Powell's speech to look for more clues about the timing of the FED's interest rate cut. Besides, economic data such as JOLTS Job opportunities at 9:00 p.m. will also have a significant impact on gold prices.
About the technical angle.
Gold is accumulating in the range 2318-2338. Breaking the range in any direction can push the gold price to move in the breaking direction. That means that if gold breaks through the 2338-2340 resistance zone, it is likely to expand to around 2360. Conversely, if gold breaks below the 2318 zone, it is likely to decline back to 2300.
Currently, during the Asia and Europe session, you can buy and sell when gold approaches the border of 2318-2338. And update again after gold breaks this range.
Support: 2320 - 2316 - 2311 - 2305 - 2300 - 2288
Resistance: 2338 - 2340 - 2346 - 2349 - 2354 - 2363
🔴SELL price range 2353 - 2355 stoploss 2358
🔴SELL price range 2338 - 2340 stoploss 2342
🟢BUY price range 2313 - 2311 stoploss 2308
🟢BUY price range 2301 - 2299 stoploss 2296
Scalping strategies will be applied when the resistance - support areas above have entry signals.‼️
Note: Full TP, SL to be safe and win the market.
The US economy released business activity figures on the manufacturing front with mixed results. The S&P Global Manufacturing PMI stood in expansion territory, in contrast to the ISM Manufacturing PMI, which fell for the third straight month in June.
Uncertainty about when the US Federal Reserve (Fed) will begin cutting interest rates keeps investors guessing and limits direction. Most Fed officials are reluctant to commit to an initial rate cut date until more data shows inflation is falling sustainably.
Today Traders are keeping an eye on Federal Reserve Chairman Jerome Powell's speech at 8:30 p.m., followed by the Fed's latest monetary policy minutes on Wednesday. The US economic calendar will then feature Services PMIs from S&P and ISM, followed by US Nonfarm Payrolls on Friday.
The Federal Reserve's policy trends are always the main factor affecting gold prices. If Powell reiterates his data-driven approach and hints at the possibility of a policy change in his speech on Tuesday, the market could pin hopes on a rate cut in September. Expectations Such hopes could weaken the dollar, providing support for gold. However, if Powell's comments turn hawkish and emphasize the importance of controlling inflation, the dollar could strengthen, putting pressure on gold.
In summary: Gold is moving to accumulate in the 2318-2338 range as the market is waiting for FED Chairman Powell's speech to look for more clues about the timing of the FED's interest rate cut. Besides, economic data such as JOLTS Job opportunities at 9:00 p.m. will also have a significant impact on gold prices.
About the technical angle.
Gold is accumulating in the range 2318-2338. Breaking the range in any direction can push the gold price to move in the breaking direction. That means that if gold breaks through the 2338-2340 resistance zone, it is likely to expand to around 2360. Conversely, if gold breaks below the 2318 zone, it is likely to decline back to 2300.
Currently, during the Asia and Europe session, you can buy and sell when gold approaches the border of 2318-2338. And update again after gold breaks this range.
Support: 2320 - 2316 - 2311 - 2305 - 2300 - 2288
Resistance: 2338 - 2340 - 2346 - 2349 - 2354 - 2363
🔴SELL price range 2353 - 2355 stoploss 2358
🔴SELL price range 2338 - 2340 stoploss 2342
🟢BUY price range 2313 - 2311 stoploss 2308
🟢BUY price range 2301 - 2299 stoploss 2296
Scalping strategies will be applied when the resistance - support areas above have entry signals.‼️
Note: Full TP, SL to be safe and win the market.
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