XAUUSD PLAN 7/1
Updated
World gold has adjusted downward after rising to nearly 2340 at the end of last week. Today the market focuses on the Manufacturing PMI data scheduled for release at 9:00 p.m.
Last Friday the US released Core PCE data, the US Federal Reserve's (Fed) preferred inflation measure, and showed price increases slowing to 2.6% year-on-year. in May from 2.7% previously. The results were consistent with expectations. Core PCE also slowed to 2.6% from 2.8% previously as expected. Data shows inflation is gradually decreasing toward the Fed's 2.0% target. Data shows that the Fed may cut interest rates sooner than previously thought, which is beneficial for Gold prices.
Following the release of the inflation data, traders continue to expect the Federal Reserve to cut interest rates at least once this year and are outright betting on a 0.25% rate cut. in November. The possibility of an interest rate cut in September also increased. According to LSEG calculations, Fed fund futures slightly increased the possibility of easing in September to about 67% from about 65% at the end of Thursday. The market also expects one to two interest rate cuts. rate, equivalent to 25 basis points per year this year.
For investors, this week will focus on the US nonfarm payrolls report. Recent encouraging inflation data, along with signs of slowing consumer spending and the housing market, have raised hopes the Federal Reserve will cut interest rates in September, although Policymakers still appear unconvinced.
Today the market focuses on the Manufacturing PMI data scheduled for release at 9:00 p.m. The data is currently forecasting 49.2, better than the previous period's 48.7. If actual data is released beyond expectations, gold will face downward pressure. On the contrary, if the published data is weaker than expectations, gold is supported to increase.
Support: 2320 - 2316 - 2311 - 2305 - 2300 - 2288
Resistance: 2332 - 2340 - 2346 - 2354 - 2363
🔴SELL price range 2345 - 2347 stoploss 2350
🟢BUY price range 2318 - 2316 stoploss 2313
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.
Last Friday the US released Core PCE data, the US Federal Reserve's (Fed) preferred inflation measure, and showed price increases slowing to 2.6% year-on-year. in May from 2.7% previously. The results were consistent with expectations. Core PCE also slowed to 2.6% from 2.8% previously as expected. Data shows inflation is gradually decreasing toward the Fed's 2.0% target. Data shows that the Fed may cut interest rates sooner than previously thought, which is beneficial for Gold prices.
Following the release of the inflation data, traders continue to expect the Federal Reserve to cut interest rates at least once this year and are outright betting on a 0.25% rate cut. in November. The possibility of an interest rate cut in September also increased. According to LSEG calculations, Fed fund futures slightly increased the possibility of easing in September to about 67% from about 65% at the end of Thursday. The market also expects one to two interest rate cuts. rate, equivalent to 25 basis points per year this year.
For investors, this week will focus on the US nonfarm payrolls report. Recent encouraging inflation data, along with signs of slowing consumer spending and the housing market, have raised hopes the Federal Reserve will cut interest rates in September, although Policymakers still appear unconvinced.
Today the market focuses on the Manufacturing PMI data scheduled for release at 9:00 p.m. The data is currently forecasting 49.2, better than the previous period's 48.7. If actual data is released beyond expectations, gold will face downward pressure. On the contrary, if the published data is weaker than expectations, gold is supported to increase.
Support: 2320 - 2316 - 2311 - 2305 - 2300 - 2288
Resistance: 2332 - 2340 - 2346 - 2354 - 2363
🔴SELL price range 2345 - 2347 stoploss 2350
🟢BUY price range 2318 - 2316 stoploss 2313
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.
Note
BUY price range 2318 - 2316 +190pips
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.