Gold price and trading strategy after PMI news

Gold price (XAU/USD) extends correction after a speech from Boston Fed President Susan Collins and upbeat US ISM Services PMI for August. Fed Collins cited that this phase of monetary policy calls for patience and policy decisions will be based on incoming data. The ISM reported a sharp increase in service activities to 54.5 vs. expectations of 52.5 and July's reading of 52.7.

The precious metal remains under pressure as investors keep pumping money into the US Dollar due to deepening global recession fears. Investors underpinned the US Dollar as a safe haven as developing economies are facing the wrath of higher interest rates from Western central banks and potential upside risks of deflation to the Chinese economy.

Fundamentally, it doesn’t seem bad for the Gold price as the US Unemployment Rate rose sharply to 3.8% and wage growth slowed in August. Investors hope that the Federal Reserve (Fed) is done with hiking interest rates. Fed Governor Christopher Waller supported the view, citing the latest batch of economic data that has provided more room for the central bank to assess whether the cost of borrowing needs to be increased again.

PLAN 1: BUY XAUUSD 1908 - 1912

Stop Loss : 1904
Take Profit 1 : 1920
Take Profit 2 : 1925
Take Profit 3 : 1930

PLAN 2: SELL XAUUSD 1933 - 1936

Stop Loss : 1939
Take Profit 1 : 1920
Take Profit 2 : 1915
Take Profit 3 : 1910

Comment:

The market is tending to change perspective

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The market is moving in the right direction

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The recovery point is so beautiful. It's just that the Sell point is lower than expected

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The market is in a specific downward direction.

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The 1919 zone will likely go down further. Downforce is very strong

Comment:

The market is trending well everyone. Stay tuned for more

Comment:

The market is closed at the end of the week

Comment:

today is the last day of the week. All ready standards are available on market launch day