Gold price at the beginning of the new week, up or down?

Gold prices dropped at the beginning of the week as investors awaited additional information on the Federal Reserve's monetary policy stance. According to experts, gold prices decreased from their weekly high after better-than-expected GDP figures and a larger-than-anticipated decrease in unemployment claims. Recent data revealed that the US economy grew by 2.4% in the second quarter, surpassing economists' expectations of a 1.8% increase.

Kommentar:

DXY above 101.5 supports the bull side, below 101.5 but above 100.5 is a competitive zone where prices are likely to move sideways. DXY bulls will gain strength if it surpasses 102.00.

The range of 17.4 is significant for the Strength indicator, with support at 17.35 and resistance at 17.5.

Gold is currently constrained and influenced by DXY, with a trading range of 1965-1952.

Kommentar:

Swiss National Bank registers $15 billion loss in second quarter Swiss central bank is feeling interest rate rise.

Kommentar:

🕯 SELL GOLD | 1968 - 1965

🔴 SL: 1973

🟢 TP1: 1955
🟢 TP2: 1945

🕯 BUY GOLD | 1945 - 1942

🔴 SL: 1937

🟢 TP1: 1950
🟢 TP2: 1955

Trade ist aktiv:

Plan SELL Close 1/2 +30pips ✔️✔️✔️ Move SL to Entry

Trade geschlossen: Ziel wurde erreicht:

Plan SELL Close Full +80pips ✔️✔️✔️

Kommentar:

Rising risk aversion sentiment in the marketplace is not providing much support for gold as investors continue to react to Fitch Rating's announcement, downgrading the U.S. government's long-term debt to 'AA+' from 'AAA.