XAUUSD dropped sharply after the consumer confidence report
World gold continues to test resistance below 2,050 USD/ounce and is having difficulty attracting new upward price momentum even when published data is not as expected.
Conference Board survey results released on February 27 showed that the US consumer confidence index decreased in February to 106.7, down from 110.90 adjusted down in January. Consumer optimism fell more than expected with economists forecasting a reading of 114.8.
In particular, the expectations index decreased to 79.8 from 81.5. “An expectation index below 80 typically signals an impending recession,” the report said.
Conference Board survey results released on February 27 showed that the US consumer confidence index decreased in February to 106.7, down from 110.90 adjusted down in January. Consumer optimism fell more than expected with economists forecasting a reading of 114.8.
In particular, the expectations index decreased to 79.8 from 81.5. “An expectation index below 80 typically signals an impending recession,” the report said.
Comment:
Hit TP1 + 50 pips
TP1: 2030
TP2: 2020
SL: 2045