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Slight decrease in the first session of the week, Buy or Sell?

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For the past week, after stalling for much of the trading week to receive a 25-basis-point gain from the US Federal Reserve, gold was stripped of its strength on Thursday morning after data surged. And the job was better than I expected. However, the precious metal regained what it lost afterwards and returned to near $1,960 per ounce in reaction to usage data.

Specifically, according to the US Department of Commerce, the core personal consumer price index (CPI) increased by 0.2% in June. Inflation in December increased by 4.1%, a sharp decrease compared to the increase of 4.6% in June. Annual inflation fell slightly more than economists expected (4.2%).

The latest gold weekly survey shows that retail investors expect gold prices to rise this week. Meanwhile, market analysts are more cautious as they wait for direction from economic reports and technical trends.

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XAUUSD SELL SCALPING 1958 - 1960🕯🕯

✅ TP1: 1952
✅ TP2: 1945

❌ SL: 1965

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Running +20Pips ✅

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Running +40Pips ✅

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Gold prices are very sensitive to interest rate hikes. Rising rates increase the opportunity cost of holding non-yielding assets like gold.

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XAUUSD BUY LIMIT 1948 - 1950🕯🕯

✅ TP1: 1955
✅ TP2: 1962

❌ SL: 1942

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CLOSE SELL +50PIPS ✅

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Gold prices remained under pressure by the US economic growth report released at the end of last week when GDP in the second quarter of 2023 increased by 2.4%, higher than 2% of the previous reporting period and higher than 1. 8% expert forecast.

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According to technical analysis, the chart shows that Ema10 is still below Ema20, showing that Gold is still not likely to have a strong recovery. The nearest support for Gold is the 1950 - 1953 area, which coincides with Fibo 0.8.

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BUY Running +20Pips ✅

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Running +40Pips ✅

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Running +60Pips ✅

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BUY HIT TP2 +120PIPS ✅