GOLD Update: US Economic Indicators and Technical Analysis
Updated
GOLD Update: Two Different Perspectives...
From the analysis I posted yesterday GOLD reached our first target.
What's Next?
US Economic Indicators and Technical Analysis for GOLD
Yesterday, the US reported a preliminary GDP growth rate of 3% for Q2, surpassing the expected 2.8%. This indicates that the US economy is not contracting as many had anticipated. Additionally, the interest rate, which has remained unchanged for longer than expected, has not negatively impacted the economy.
Today, the US will release the Personal Consumption Expenditures (PCE) data, another key indicator that the market is closely watching. On a yearly basis, PCE is expected to increase to 2.7% from the previous month’s 2.6%. If this occurs, or if the data aligns with the previous month, we could see a stronger USD today. This would suggest that the Federal Reserve might consider a 25 basis point rate cut at the September meeting.
Technical Analysis remains the same as yesterday:
Bearish Scenario:
The price is testing a strong zone near 2530 for the fourth time, as shown in the chart. If this zone holds, we could see GOLD moving down to 2504. A move below 2504 could push the price further down to 2483.
Bullish Scenario:
A move above 2530 today could push the price up to 2550, which might become the next resistance zone where we could see potential bearish momentum again.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
✅Still bearish....
Previous analysis:
From the analysis I posted yesterday GOLD reached our first target.
What's Next?
US Economic Indicators and Technical Analysis for GOLD
Yesterday, the US reported a preliminary GDP growth rate of 3% for Q2, surpassing the expected 2.8%. This indicates that the US economy is not contracting as many had anticipated. Additionally, the interest rate, which has remained unchanged for longer than expected, has not negatively impacted the economy.
Today, the US will release the Personal Consumption Expenditures (PCE) data, another key indicator that the market is closely watching. On a yearly basis, PCE is expected to increase to 2.7% from the previous month’s 2.6%. If this occurs, or if the data aligns with the previous month, we could see a stronger USD today. This would suggest that the Federal Reserve might consider a 25 basis point rate cut at the September meeting.
Technical Analysis remains the same as yesterday:
Bearish Scenario:
The price is testing a strong zone near 2530 for the fourth time, as shown in the chart. If this zone holds, we could see GOLD moving down to 2504. A move below 2504 could push the price further down to 2483.
Bullish Scenario:
A move above 2530 today could push the price up to 2550, which might become the next resistance zone where we could see potential bearish momentum again.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
✅Still bearish....
Previous analysis:
Note
The US PCE data came in line and lower than expectations but the same as the previous month...a bit mixed overall....No changes.
It should support the USD strength in the short term.
🇺🇸US Core PCE Price Index (Jul)
Actual: 2.6%
Expected: 2.7%
Previous: 2.6%
Trade closed: target reached
GOLD 2504 bearish target was reached again...for the second time GOLD reached our target 2504 in two days :)
Note
I am still bearish on GOLD :)Note
Trade closed: target reached
Note
🚨GOLD update
From our base analysis the price today made only a small correction up to 2507 and it couldn't manage to rise.
The movement was in line with our expectations from the base scenario. The only strange fact today was that gold moved down without any reason.
GOLD moved down before the US employment data which is placing everything in a question mark.
Be careful as it may rise again to anticipate the JOLTS, ADP and NFP data.
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