Shinobi - XAUUSD: Down to the lowest in nearly 1 month

Gold prices fell to a nearly 1-month low on Tuesday, August 8, as investors turned to the safe-haven dollar following weak China trade data. Cautiousness prevails ahead of the release of US inflation data later this week.

Closing the session on Tuesday, the spot gold contract fell 0.6 percent to $1,925.79 an ounce, after touching its lowest level since July 10, 2023. Gold futures lost 0.5% to $1,959.9 an ounce.

Edward Moya, Senior Market Analyst at Oanda, said: “There's a lot of concern about the global growth outlook and it could be a lot weaker than people expect, that's triggering the trend. direction to move to USD”

SELL 1932 - 1930 💯💯

✅TP1: 1927
✅TP2: 1922

SL: 1936

Note

The Governor of the US Federal Reserve (Fed), Michelle Bowman, on Monday (August 7) outlined the need to continue raising interest rates to keep inflation down to the 2% target, while the Federal Reserve New York Fed President John C. Williams predicts interest rates could start to fall next year.

Note

Gold is facing resistance and falling

Note

Running +30pips ✅✅

Note

Precious metals continue to be negatively impacted by a stronger dollar. And traders await this week's US inflation data to clarify whether the Fed has its next direction in the near-term.

Note

HIT TP1 . +60pips ✅✅

Shinobi_Pips

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