XAUUSD PLAN 7/9
Updated
World gold suddenly dropped sharply again yesterday with a drop of about $40 to nearly 2,350 before rebounding. Gold fell amid rising US bond yields due to expectations that former president Trump could win the next presidential election. Today investors need to pay attention to FED Chairman Powell's testimony at 9:00 p.m.
Gold declined sharply yesterday amid rising US Treasury yields, as the likelihood that former President Donald Trump could win the next presidential election in November increased, possibly also weaken Gold. Trump is expected to cut taxes but maintain spending, which will lead to higher inflation and interest rates - a factor putting pressure on gold prices.
Besides, gold was also affected by the People's Bank of China's (PBoC) decision not to buy gold in June as it did in May. China held 72.80 million ounces of gold at the end of June. This change in strategy could have far-reaching consequences for the gold market.
However, gold continues to receive support from other geopolitical and macro factors. The ongoing conflicts in the Middle East and Ukraine are still factors that make investors worry and hoard their assets in Gold.
Additionally, recent weak economic data from the United States has boosted expectations of the Fed's first interest rate cut in September. But Fed officials are still reluctant to cut interest rates, opting instead. continues to be data dependent and will likely continue to require patience. Today the market will pay attention to the FED chairman's hearing at 21:00 to look for more clues about the timing of interest rate cuts.
Support: 2384 - 2377 - 2368
Resistance: 2364 - 2360 - 2354 - 2345 - 2335
🔴SELL price range 2377-2379 stoploss 2382
🟢BUY price range 2354 - 2352 stoploss 2349
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.
Gold declined sharply yesterday amid rising US Treasury yields, as the likelihood that former President Donald Trump could win the next presidential election in November increased, possibly also weaken Gold. Trump is expected to cut taxes but maintain spending, which will lead to higher inflation and interest rates - a factor putting pressure on gold prices.
Besides, gold was also affected by the People's Bank of China's (PBoC) decision not to buy gold in June as it did in May. China held 72.80 million ounces of gold at the end of June. This change in strategy could have far-reaching consequences for the gold market.
However, gold continues to receive support from other geopolitical and macro factors. The ongoing conflicts in the Middle East and Ukraine are still factors that make investors worry and hoard their assets in Gold.
Additionally, recent weak economic data from the United States has boosted expectations of the Fed's first interest rate cut in September. But Fed officials are still reluctant to cut interest rates, opting instead. continues to be data dependent and will likely continue to require patience. Today the market will pay attention to the FED chairman's hearing at 21:00 to look for more clues about the timing of interest rate cuts.
Support: 2384 - 2377 - 2368
Resistance: 2364 - 2360 - 2354 - 2345 - 2335
🔴SELL price range 2377-2379 stoploss 2382
🟢BUY price range 2354 - 2352 stoploss 2349
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 2354 - 2352 +220pips
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