GOLD D1 chart – Analysis Made By REVOLVER™ and ISOTRIUMPH™ Indicators.
GOLD Price Dips as Confidence Grows in September Rate Hike
The price of gold (XAU/USD) faced a bearish turn during Friday’s European session as the US Dollar strengthened further, supported by the resilience of the United States economy. The precious metal is under pressure due to the remarkable performance of the US economy in the second quarter, strong demand for durable goods, and the tight labor market. As fears of additional policy-tightening by the Federal Reserve (Fed) resurface, the downside for gold prices remains a possibility.
The surprising strength of the US economy, as evident from higher-than-expected Gross Domestic Product (GDP) data, has dispelled concerns of an imminent recession. Additionally, Fed Chair Jerome Powell’s recent commentary stated that Fed officials do not foresee a recession amid the tight labor market conditions. The focus now shifts to the upcoming release of the Fed’s preferred inflation gauge and the Employment Cost Index data, which could spur further movement in the US Dollar.
As the Greenback continues to assert its footing, gold prices are feeling the pressure, and the possibility of further rate hikes in September is solidifying. Investors are closely monitoring economic data and Fed statements for any signs that could impact the precious metal’s performance in the coming days.
GOLD M30 Forex chart – Analysis Made By REVOLVER™ and ISOTRIUMPH™ Indicators.
TurnAround Point: 1959.00
Our preference
Short positions below 1959.00 with targets at 1942.00 & 1938.00 in extension.
The information and publications are not meant to be and do not constitute financial, investment, trading, or other types of advice or recommendations supplied or endorsed by FOREXN1.
🏆 ISOTRIUMPH 🏆
ISOTRIUMPH is an innovative Machine-Learning Indicator that boasts unbeatable performance! Specifically designed for TradingView to provide the best possible results in the market.
This is a Top-performing scalping indicator.
🔻 REVOLVER 🔺
REVOLVER is a unique and revolutionary Reversal Indicator designed to pinpoint the best turning point in the market and ride the trend until the very end.
- STATE.OF.ART TOOL FOR YOUR SUCCESS -
⚡️ ISOFOREX ⚡️
ISOFOREX is a MT4 and Tradingview chart indicator used to identify potential reversal signals in a financial markets.
Laser-Accurate trend indicator
Need HELP? Chat with our support or leave a message in the “contact us” section.
DISCLAIMER:
All material from forexn1.com is for educational purposes only. Trading foreign exchange carries a high level of risk and may not be suitable for all investors/traders. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts. Forexn1.com takes no responsibility for loss incurred as a result of our trading analysis\ideas\ insights. By signing up as a member you acknowledge that we are not providing financial advice and that you are making a decision to follow\copy our trading course\analysis\ideas\insights on your own account. We have no knowledge of the level of money you are trading with or the level of risk you are taking with each trade. You must make your own financial decisions, we take no responsibility for money made or lost as a result of our analysis\ ideas\ insights or advice on forex related products on this website.