XAUUSD 30/06: Gold's situation after GDP news

XAUUSD A strong US dollar pushed gold to $1892, its lowest level since March. However, it later recovered to the $1910 area, easing the downside pressure.

Positive numbers from the labor market and adjusted GDP show that the US economy remains strong and remains open to the possibility of more tightening from the Fed.

The big belligerent central banks continue to act like a headwind on unprofitable commodities. The US Dollar stands near two-week highs and also contributes to the constrained XAU/USD.

The daily chart for XAU/USD shows that the bears remain in control, but after recovering near $20 back to the open, potential signs of consolidation are starting to emerge.

Support levels: 1,902 1.892 1.885
Resistances: 1,914 1,929 1,941


You might consider Selling gold around XAUUSD 1922 – 1920
And my goal will be 1913 – 1899

You might consider Buying gold around XAUUSD 1890 – 1894
And my goal will be 1901 – 1915


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Comment:

Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy's health.

Comment:

-The Fed is subjecting a number of US banks to a stress test!.

-The result was that the major banks "have sufficient liquidity to resist recession and to grant loans."

- The Fed's stress test included 23 banks.

-It aims to assess the level of its capital and the size of its losses and returns.

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