Gold falls below 2500 !! XAU ! 9/2/24
Updated
XAU / USD trend forecast September 2, 2024
Protests erupted across Israel after the military recovered the bodies of six hostages allegedly killed by Hamas in Gaza. Israel's largest labor union has called for a nationwide strike, threatening to shut down the entire economy on Monday. Meanwhile, China's NBS Manufacturing PMI dropped to 49.1 in August from 49.54 in July, missing expectations of 49.5, while Non-Manufacturing PMI improved slightly to 50.3 from 50.2, surpassing forecasts of 50.0. In the US, the PCE Price Index increased by 2.5% year-over-year in July, slightly below market expectations of 2.6%.
Sideway below 2500 is a good signal for Gold in the near future, waiting for interest rate cut in September 2024
Based on M30, resistance and EMA 200 line to set up SELL signal
/// SELL XAU : zone 2508-2510
SL: 2516
TP: 50 - 150 - 300 pips (2480)
Safe and profitable trading
Protests erupted across Israel after the military recovered the bodies of six hostages allegedly killed by Hamas in Gaza. Israel's largest labor union has called for a nationwide strike, threatening to shut down the entire economy on Monday. Meanwhile, China's NBS Manufacturing PMI dropped to 49.1 in August from 49.54 in July, missing expectations of 49.5, while Non-Manufacturing PMI improved slightly to 50.3 from 50.2, surpassing forecasts of 50.0. In the US, the PCE Price Index increased by 2.5% year-over-year in July, slightly below market expectations of 2.6%.
Sideway below 2500 is a good signal for Gold in the near future, waiting for interest rate cut in September 2024
Based on M30, resistance and EMA 200 line to set up SELL signal
/// SELL XAU : zone 2508-2510
SL: 2516
TP: 50 - 150 - 300 pips (2480)
Safe and profitable trading
Trade active
Gold price went up to 2507 then dropped sharply, not touching PLAN DAY SELL entry 2508-2510. Let's wait for this sideway price zone.Trade active
Update: 9/3/2024
Gold price sweeps the 2505 liquidity zone during the European session
Short 60 pips
Return to 2500 before the US session
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