XAUUSD - Gold continues to decline strongly, should buy or sell?
The USD tends to inched up against major currencies in the world in the context that the US economy is making strong recovery steps. The growth rate of 2.4% in the second quarter of 2023 exceeded expectations. Lampy has down 3%. User sentiment is improving.
Previously, for a long time, investors thought that the US economy could not avoid a recession after the Covid-19 pandemic, especially after the US Federal Reserve (Fed) increased 11 times. consecutive interest rates, for a total increase of 520 basis points.
Even the Organization for Economic Co-operation and Development (OECD) had doubts about America's recovery from the pandemic.
However, recent data shows that the US economic recovery process is still happening.
Meanwhile, the European and Asian economies faced many difficulties. The Eurozone has not been successful in fighting inflation and growth has been very slow.
In Asia, China's economy is in serious trouble. Its importing country experienced a period of decline in prices, which resulted in a sharp drop in world crude oil prices.
The commodity closely related to gold is oil falling, putting pressure on the precious metal.
Previously, for a long time, investors thought that the US economy could not avoid a recession after the Covid-19 pandemic, especially after the US Federal Reserve (Fed) increased 11 times. consecutive interest rates, for a total increase of 520 basis points.
Even the Organization for Economic Co-operation and Development (OECD) had doubts about America's recovery from the pandemic.
However, recent data shows that the US economic recovery process is still happening.
Meanwhile, the European and Asian economies faced many difficulties. The Eurozone has not been successful in fighting inflation and growth has been very slow.
In Asia, China's economy is in serious trouble. Its importing country experienced a period of decline in prices, which resulted in a sharp drop in world crude oil prices.
The commodity closely related to gold is oil falling, putting pressure on the precious metal.
✅ TP1: 1916
✅ TP2: 1910
🛑 SL: 1930