GOLD - Trading strategy on July 31, trend Buy
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On Friday, gold prices returned to the upside after a cooling day, helped by a slight drop in the dollar as signs of U.S. developments cooled. Money markets are focusing on decisions by the Federal Reserve (Fed) during the likely end of the monetary tightening cycle.
Data released on Friday showed that U.S. annual growth slowed significantly in June. The Personal Consumption Price Index (PCE), which is of particular interest to the Fed, rose 0.2 percent on the month. before. An increase in interest rates makes holding gold less attractive to investors, as gold does not yield interest. However, it is suggested that the Fed cannot be too worried about stronger economic data if inflation continues to fall. This led to the view that the Fed may have completed its rate hike cycle, contributing to the drop in gold prices.
Meanwhile, gold recorded a drop of nearly 1.4% on Thursday after data showed the US economy grew faster than expected in second-quarter architecture and the number of support applications. weekly jobless claims fall, increasing the value of the dollar. On Friday, however, the dollar fell 0.16% against other currencies, making gold cheaper for holders of other currencies.
Data released on Friday showed that U.S. annual growth slowed significantly in June. The Personal Consumption Price Index (PCE), which is of particular interest to the Fed, rose 0.2 percent on the month. before. An increase in interest rates makes holding gold less attractive to investors, as gold does not yield interest. However, it is suggested that the Fed cannot be too worried about stronger economic data if inflation continues to fall. This led to the view that the Fed may have completed its rate hike cycle, contributing to the drop in gold prices.
Meanwhile, gold recorded a drop of nearly 1.4% on Thursday after data showed the US economy grew faster than expected in second-quarter architecture and the number of support applications. weekly jobless claims fall, increasing the value of the dollar. On Friday, however, the dollar fell 0.16% against other currencies, making gold cheaper for holders of other currencies.
Note
XAUUSD BUY 1948 - 1950🕯🕯✅ TP1: 1955
✅ TP2: 1962
❌ SL: 1942
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