Gold fluctuates below $1,940 despite rising US yields

3 thg 8, 2023

Gold price (XAU/USD) looks supported above the immediate support of $1,930.00, but the downside seems favored as the United States labor market data arrives more resilient than expectations. Stellar additions to private payrolls in July indicate that the Nonfarm Payrolls (NFP) report should outperform consensus on Friday. Additionally, Federal Reserve (Fed) policymakers may now consider a continuation of the rate-tightening cycle at its September policy meeting.

Strength in the US Dollar Index backed by a cautious market mood due to the Fitch downgrade also builds pressure on the Gold price. Apart from that, weak Gold demand reported by the World Gold Council (WGC) is consistently building pressure on the Gold price. Meanwhile, investors await ISM Services PMI data for further guidance.

SELL XAUUSD 1940 - 1945

Stop Loss : 1949
Take Profit 1 : 1935
Take Profit 2 : 1930
Take Profit 3 : 1925

BUY XAUUSD 1929 - 1933

Stop Loss : 1924
Take Profit 1 : 1940
Take Profit 2 : 1945
Take Profit 3 : 1950

Note:
+Trade with 1% of your balance per signal.
+ Always set Stop Loss (SL) in all situations.
+ Calculate and fix possible loss beforehand.
-> ensure proper capital management.