Gold price stuck in a short-term range

Gold is currently experiencing a short-term sideways trend with limited reasons to break out. The volatility is low, as indicated by the 14-day ATR, and the precious metal is not being excessively bought or sold according to the CCI indicator.

The recent intersection of the 20-day/50-day moving averages suggests a slightly positive outlook, despite the struggle to break the $1960/oz resistance level. The Fibonacci retracement level of 23.6% is at $1971.6/oz. Support levels are around $1940/oz. and $1932/oz.

Comment:

🐾 BUY XAUUSD zone 1931 - 1929

⚠ Stop Loss : 1924

💲 Take Profit 1: 1940
💲 Take Profit 2: 1950

Comment:

In its announcement, Fitch said it sees the U.S. general government deficit rising to 6.3% of GDP in 2023, up from 3.7% in 2022. The deficit is expected to grow by 6.6% and 6.9% of GDP in 2024 and 2025, respectively.

Comment:

🔹Fitch Ratings’ downgrade of its U.S. government debt rating fueled more of the partisan bickering that the firm said was raising concerns about America’s ability to tackle its budget deficits.

Comment:

Thursday, the ISM said its Services Purchasing Managers Index fell to a reading of 52.7% last month, down from June's reading of 53.9%. The data also missed consensus estimates as economists were expecting a small drop to 53.1%.

Comment:

🐾 SELL XAUUSD zone 1952 - 1954

⚠️ Stop Loss : 1960

💲 Take Profit 1: 1946
💲 Take Profit 2: 1940
💲 Take Profit 3: 1930

🐾 BUY XAUUSD zone 1915 - 1917

⚠️ Stop Loss : 1910

💲 Take Profit 1: 1925
💲 Take Profit 2: 1930
💲 Take Profit 3: 1935

Comment:

Friday's surprise payroll data miss showed 187,000 jobs created versus 200,000 expected, which helped Gold find its footing and recover from its recent slump. Will a single miss be enough to stave off the Fed's aggressive stance on rate hikes?