XAUUSD - Uptrend turns, gold plummets
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The world gold price this morning turned to fall sharply, the dollar rose after the struggle of the Fed's monetary policy when newly released data showed that the growth of the US economy was better than forecast.
The dollar rebounded in the last session, after more-than-expected US economic data continued to reduce investors' expectations for a relatively "dovish" monetary policy from the Federal Reserve. United States Federal Reserve (Fed). The US Dollar Index (DXY) measuring the greenback's volatility with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) increased 0.81%, reaching 101.69.
The world gold price turned down and lost all revenue gains after the US Federal Reserve's (Fed) monetary policy meeting when newly released data showed the growth of the leading economy. world better than forecast.
Specifically, according to US Economic Analysis, US gross domestic product (GDP) in the second quarter increased by 2.4%, surpassing economists' expectations. Economists expect a 1.8% increase.
The resilience of the economy is creating optimism that the Fed can maintain its aggressive monetary policy to combat use without triggering a recession. Newly released economic data shows that one more rate hike may be needed to continue to "cool down" the economy and use prices. That environment would bring the dollar and bond yields higher and be detrimental to precious metals.
The dollar rebounded in the last session, after more-than-expected US economic data continued to reduce investors' expectations for a relatively "dovish" monetary policy from the Federal Reserve. United States Federal Reserve (Fed). The US Dollar Index (DXY) measuring the greenback's volatility with 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF) increased 0.81%, reaching 101.69.
The world gold price turned down and lost all revenue gains after the US Federal Reserve's (Fed) monetary policy meeting when newly released data showed the growth of the leading economy. world better than forecast.
Specifically, according to US Economic Analysis, US gross domestic product (GDP) in the second quarter increased by 2.4%, surpassing economists' expectations. Economists expect a 1.8% increase.
The resilience of the economy is creating optimism that the Fed can maintain its aggressive monetary policy to combat use without triggering a recession. Newly released economic data shows that one more rate hike may be needed to continue to "cool down" the economy and use prices. That environment would bring the dollar and bond yields higher and be detrimental to precious metals.
Not
XAUUSD BUY 1947 - 1949🕯🕯✅ TP1: 1955
✅ TP2: 1962
❌ SL: 1940
Not
Running +20PIps ✅Not
Running +45PIps ✅Not
XAUUSD SELL 1958 - 1960🕯🕯✅ TP1: 1953
✅ TP2: 1947
❌ SL: 1965
Not
The daily chart suggests that the technical outlook for the XAU/USD has turned bearish for the short term. The Relative Strength Index (RSI) collapsed into negative territory, while the Moving Average Convergence Divergence (MACD) prints fading green bars, suggesting that the bears are in command. In addition, the price has fallen below the 20 and 100-day Simple Moving Averages (SMAs).Not
The resilience of the economy is creating optimism that the Fed can maintain its aggressive monetary policy to combat use without triggering a recession. Newly released economic data shows that one more rate hike may be needed to continue to "cool down" the economy and use prices. That environment would bring the dollar and bond yields higher and be detrimental to precious metals.Not
BUY AGAINNot
BUY AGAIN +20Pips ✅Not
Close Buy +40Pips✅Not
BUY HIT TP2 +130PIPS ✅Not
SELL RUNNING +40PIPS ✅Not
SELL HIT TP1 +70PIP ✅Not
According to technical analysis, the chart shows that Ema10 is still below Ema20, showing that Gold is still not likely to have a strong recovery. The nearest support for Gold is the 1950 - 1953 area, which coincides with Fibo 0.8.
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