XAUUSD PLAN 7/3
Updated
World gold continued to move within the 2318-2338 range yesterday. Gold had an upward trend around 2337 when FED Chairman Powell's speech was somewhat "moderate", but then gold fell back when JOLTS employment data was released beyond expectations. Today the United States released many important economic data such as: ADP payroll, number of unemployment benefit applications, service PMI, FOMC meeting minutes...
Even though the United States is starting to show signs of deflation and markets are predicting a possible interest rate cut in September, Federal Reserve (Fed) officials remain cautious by sticking to a policy-based approach. on their data. Jerome Powell appeared confident about the inflation outlook but gave no clear indication that cuts would come any sooner. In summary, Powell gave dovish comments, inflation is falling well and employment is cooling, which has supported gold prices to increase.
But the JOLTS Job Openings Data increased from 7.92M to 8.14M. This is a good sign for the job market but causes pressure on gold prices. Today the market is waiting for many important economic data from the United States to be announced during the American session. In summary: FED is still cautious in setting a time to cut interest rates. Interest rate cuts depend on data, so economic data released in the near future is very important, especially Nonfarm payrolls next Friday. Today the United States releases many important economic data such as: ADP payroll, number of unemployment benefit applications, service PMI, FOMC meeting minutes... The data/events will have a strong influence on the US economy. gold price.
About the technical angle.
Gold is still "accumulating" within the range 2318-2338. A break above 2338-2340 could extend the upward momentum to 2360. Conversely, if the gold price falls below 2318, it could extend the downward momentum towards 2300.
Support: 2326 - 2320 - 2316 - 2311 - 2305 - 2300 - 2288
Resistance: 2336 - 2343 - 2346 - 2349 - 2354 - 2363
🔴SELL price range 2350 - 2352 stoploss 2355
🟢BUY price range 2313 - 2311 stoploss 2308
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.
Even though the United States is starting to show signs of deflation and markets are predicting a possible interest rate cut in September, Federal Reserve (Fed) officials remain cautious by sticking to a policy-based approach. on their data. Jerome Powell appeared confident about the inflation outlook but gave no clear indication that cuts would come any sooner. In summary, Powell gave dovish comments, inflation is falling well and employment is cooling, which has supported gold prices to increase.
But the JOLTS Job Openings Data increased from 7.92M to 8.14M. This is a good sign for the job market but causes pressure on gold prices. Today the market is waiting for many important economic data from the United States to be announced during the American session. In summary: FED is still cautious in setting a time to cut interest rates. Interest rate cuts depend on data, so economic data released in the near future is very important, especially Nonfarm payrolls next Friday. Today the United States releases many important economic data such as: ADP payroll, number of unemployment benefit applications, service PMI, FOMC meeting minutes... The data/events will have a strong influence on the US economy. gold price.
About the technical angle.
Gold is still "accumulating" within the range 2318-2338. A break above 2338-2340 could extend the upward momentum to 2360. Conversely, if the gold price falls below 2318, it could extend the downward momentum towards 2300.
Support: 2326 - 2320 - 2316 - 2311 - 2305 - 2300 - 2288
Resistance: 2336 - 2343 - 2346 - 2349 - 2354 - 2363
🔴SELL price range 2350 - 2352 stoploss 2355
🟢BUY price range 2313 - 2311 stoploss 2308
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
🔴SELL price range 2350 - 2352 +70pips
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