XAUUSD - Will take time to regain safe-haven status

Currently, Gold is in a tactical short-term game, represented by a compressed price in the $1900-2000 range, combined with fragile summer activity and market complacency. shared.

Looking at gold's technicals, investors should watch for support at $1970. Below $1,970, we could see $1,930. Below $1,900 we could see $1,850, but not much lower. And if holdings hold true today and yields fall (which is likely), the $1990-$2000 period is more likely to be bullish.

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?