XAUUSD - Continuing to strengthen the 1-month high

Gold continues to accelerate as new tools show that the labor market is showing signs of cooling and the world's leading economy is slowing. Specifically, the US Bureau of Economic Analysis' report on second-quarter gross domestic product showed that the economy grew by 2.1%, lower than expectations. According to consensus estimates, economists expect growth of 2.4%. The closely watched personal consumption expenditures price index (PCE) in the second quarter rose 2.5% so the first estimate was for a 2.6% increase.

The latest jobs report here also shows that the labor market is cooling down. According to the latest ADP report, there were 177,000 jobs created in the past month. The data fell short of expectations with economists forecasting an increase in jobs at around 194,000.

All of these latest data are in favor of those supporting the US Federal Reserve (Fed) to delay further rate hikes.

XAUUSD BUY SCALPING 1935 -1937

✅TP1: 1940
✅TP2: 1943

🚫SL: 1930

XAUUSD BUY 1923 -1925

✅TP1: 1932
✅TP2: 1938

🚫SL: 1915