2023-08-13 08:31:06
Recommendation for the week gold once morest the dollar
Risk 0.35%. Last week’s buy trade was activated, and it’s still trading
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Best buy entry points
Entering a buy transaction with a pending order from 1904 levels. The best points to place a stop loss close below 1890 levels. Move the stop loss to the entry area and continue to profit with the price moving by 12 dollars. Close half of the contracts with a profit equal to 15 dollars and leave the rest of the contracts until levels The strong resistance is at 1940.
Best selling entry points
Entering a sale transaction with a pending order from 1940 levels. The best point points for placing a stop loss is closing the highest levels of 1960. Moving the stop loss to the entry area and continuing to profit with the price moving by 12 dollars. Close half of the contracts with a profit equal to 15 points and leave the rest of the contracts until support levels 1900.
Prices fell gold Over the course of last week’s trading, US inflation data released last week revealed that inflation continued to slow in July, but remained above the Fed’s target of 2%. The Consumer Price Index (CPI) rose 0.2% in July, following rising 0.9% in June. This brings the CPI year-on-year to 3.2%, down from 8.6% in May. Core CPI, which excludes the most volatile commodities, rose 0.3% in July, following rising 0.6% in June. This brings the core CPI year-on-year to 4.6%, down from 6.0% in May. In other data, the unemployment rate remained at 3.6% in July as expected. This is the lowest unemployment rate since February 2020. Average hourly earnings rose 0.3% in July, missing expectations. While personal spending rose 0.5% in June, slightly below expectations. This was the slowest pace of spending growth in six months.
Despite the good data showing the Fed’s success in controlling inflation rates, the tone of monetary policy makers was cautious, with many of them insisting on continuing the tightening monetary policy. This negatively affected the price of gold.
On the technical side, The price of gold declined during the week’s trading. Gold is trading inside a falling wedge pattern on the 240-minute time frame, which is shown on the chart. In the event that the gold price declines, it may target the strong support levels that are concentrated at 1904 and 1890, respectively. On the other hand, if the price rises, it may target the resistance levels that are concentrated at 1924 and 1944, respectively. At the same time, the price is trading between moving averages 50, 100, and 200 on the daily time frame, while trading below these averages on the four-hour time frame, respectively, in a sign of the general bearish trend recorded by the price in the medium term. We expect gold to rise as long as it settles above the indicated support levels. Please maintain capital management and enter into a buying and selling transaction according to the daily developments of gold news that we will note on a daily basis.
Graph generated by platform TradingView
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