xauusd first buy and sell targets for monday marketthe last week our prediction of xauusd become 100% true, for monday we are posting a simple buy and sell target. more detailed analysis will be followed.
buystop ;
entry 2322
tp2332
sl better to hedge
sell stop
entry 2320
tp 2312
sl better to hedge
The US Dollar emerged as the clear winner on Friday, buoyed by a robust performance in the latest S&P Global PMI data. In contrast, Gold prices tumbled after the data signaled continued resilience in the US economy, dampening expectations for aggressive interest rate cuts by the Federal Reserve.
The Markit PMI data, a key gauge of business activity, surprised analysts across the board. The composite PMI for June clocked in at a healthy 54.6, exceeding expectations of 53.5 and remaining steady compared to the previous month's reading of 54.5. This broad-based strength suggests the US economy is likely on track for a solid second-quarter performance.
Manufacturing Resilience: The manufacturing PMI also impressed, rising to a three-month high of 51.7. This figure surpassed forecasts of 51.0 and the prior reading of 51.3, indicating continued expansion in the sector despite ongoing global supply chain challenges.
Booming Services: The services sector, which accounts for a larger share of the US economy, delivered an even stronger performance. The S&P Global Services PMI for June surged to a 26-month high of 55.1, exceeding expectations of 53.7 and the previous month's reading of 54.8. This robust expansion reflects healthy consumer spending and business investment, underpinning optimism for continued economic growth.
Gold Feels the Heat: The robust PMI data sent shockwaves through the Gold market. Investors, anticipating a dovish pivot from the Fed due to potential economic slowdown, had flocked to the safe-haven asset in recent months. However, the PMI results suggest that the Fed may hold off on aggressive rate cuts, dampening the appeal of Gold. Spot Gold prices plunged after the data release, falling by over 1% in a single day and slipping below the crucial $2,330 mark.
