XAUUSD - Under pressure even as ISM Services PMI drops to 52.7
Updated
The gold market is trying to hold critical support levels but is struggling even as activity in the U.S. service sector continues to slow, according to the latest data from the Institute for Supply Management (ISM).
Thursday, the ISM said its Services Purchasing Managers Index fell to a reading of 52.7% last month, down from June's reading of 53.9%. The data also missed consensus estimates as economists were expecting a small drop to 53.1%.
Thursday, the ISM said its Services Purchasing Managers Index fell to a reading of 52.7% last month, down from June's reading of 53.9%. The data also missed consensus estimates as economists were expecting a small drop to 53.1%.
Note
Thursday, the ISM said its Services Purchasing Managers Index fell to a reading of 52.7% last month, down from June's reading of 53.9%. The data also missed consensus estimates as economists were expecting a small drop to 53.1%.Note
🐾 SELL XAUUSD zone 1952 - 1954⚠️ Stop Loss : 1960
💲 Take Profit 1: 1946
💲 Take Profit 2: 1940
💲 Take Profit 3: 1930
🐾 BUY XAUUSD zone 1915 - 1917
⚠️ Stop Loss : 1910
💲 Take Profit 1: 1925
💲 Take Profit 2: 1930
💲 Take Profit 3: 1935
Note
Friday's surprise payroll data miss showed 187,000 jobs created versus 200,000 expected, which helped Gold find its footing and recover from its recent slump. Will a single miss be enough to stave off the Fed's aggressive stance on rate hikes?Note
🐾 BUY XAUUSD zone 1936 - 1938⚠️ Stop Loss : 1932
💲 Take Profit 1: 1942
💲 Take Profit 2: 1947
💲 Take Profit 3: 1952
Trade active
⭐️Plan to BUY Successfully Runnings + 30pips 💲💲💲Trade active
Close 1/2 + 40pips 💲💲💲 1/2 Move SL to Entry ⭐️Note
The IGCS gauge shows that about 76% of retail traders are net-long gold. Since the vast majority are biased to the upside, this continues to suggest that prices may keep falling down the road.
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