XAUUSD: Long slide after hitting the top of the month
Gold price turns volatile as US weekly jobless claims remain surprisingly below forecasts
Gold price (XAU/USD) drops below the immediate support of $1,980.00 after printing a fresh two-month high of $1,987.53 on Thursday. The precious metal has faced pressure as initial jobless claims for the week ending July 16 have surprisingly remained below expectations. The economic data has landed at 228K from the prior release of 237K while investors were anticipating a jump to 242K. Earlier, the yellow metal struggled to find any direction as investors shifted their focus toward the interest-rate decision by the Federal Reserve (Fed), which will be announced on July 26. The Fed has signaled that two more interest-rate hikes this year are appropriate, but investors are still in favor of only one more interest rate increase.
United States inflation cooled significantly in June, continuing its softening spell as gasoline prices have dropped broadly and demand for second-hand automobiles remained soft. This week, the US economic calendar is light, so investors will likely keep an eye on guidance about interest rates. In addition to that, investors seek more guidance about the BRICS’ gold-backed currency, which would be used to settle international payments.
XAUUSD
BUY 1965 - 1968💯💯
✅ TP1: 1973
✅ TP2: 1980
🛑 SL: 1960
Gold price (XAU/USD) drops below the immediate support of $1,980.00 after printing a fresh two-month high of $1,987.53 on Thursday. The precious metal has faced pressure as initial jobless claims for the week ending July 16 have surprisingly remained below expectations. The economic data has landed at 228K from the prior release of 237K while investors were anticipating a jump to 242K. Earlier, the yellow metal struggled to find any direction as investors shifted their focus toward the interest-rate decision by the Federal Reserve (Fed), which will be announced on July 26. The Fed has signaled that two more interest-rate hikes this year are appropriate, but investors are still in favor of only one more interest rate increase.
United States inflation cooled significantly in June, continuing its softening spell as gasoline prices have dropped broadly and demand for second-hand automobiles remained soft. This week, the US economic calendar is light, so investors will likely keep an eye on guidance about interest rates. In addition to that, investors seek more guidance about the BRICS’ gold-backed currency, which would be used to settle international payments.
XAUUSD
BUY 1965 - 1968💯💯 ✅ TP1: 1973
✅ TP2: 1980
🛑 SL: 1960
Trade active:
HIT TP1 ✅✅✅
Comment:
HIT TP1 +80Pips ✅✅✅
