XAUUSD - Continue to "go backwards", should buy or sell?
The radiant world gold price now continued to decline slightly with spot gold down 5.2 USD to 1,901.6 USD/ounce. December gold futures last traded at $1,933.4 per ounce, down $10.6 from the previous morning.
Gold prices are trading at a five-month low, under selling pressure even as the New York Federal Reserve reported a sharp drop in activity in the region's manufacturing sector.
My data points for the day showed a 0.7 percent increase in retail sales for July compared to June, which was a surprise and well above market expectations. The report is a hawk on US monetary policy and is key US data ahead of next week's annual Fed symposium in Jackson Hole, Wyoming.
Gold prices are trading at a five-month low, under selling pressure even as the New York Federal Reserve reported a sharp drop in activity in the region's manufacturing sector.
My data points for the day showed a 0.7 percent increase in retail sales for July compared to June, which was a surprise and well above market expectations. The report is a hawk on US monetary policy and is key US data ahead of next week's annual Fed symposium in Jackson Hole, Wyoming.
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Running +15PIPs ✅✅
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Running +20PIPs ✅✅
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Experts said that the loosening monetary policy of the central bank will help the economy recover better, when consumers easily access loans for shopping. Financial investors will gradually shift capital from capital-preserving assets such as gold to investing in production and business lines or other profitable assets. This has lost its gold position in the market.
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Running +30PIPs ✅✅
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Buy Again
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Running +20PIPs ✅✅
✅ TP1: 1907
✅ TP2: 1912
🛑 SL: 1897