XAUUSD REACHED THE LOCAL TRENDLINE
On July 24 the U.S. Manufacturing PMI report came out way below forecasted (49.5 actual vs 52.6 forecasted). A number below 50 causes concerns among investors and could be a sign of an overall economic slowdown or recession. So, as a result, it could lead to an increase in demand for safe assets like gold.
However, today the price, despite the recent rebound from the trendline after report, came to the trendline once again. There is a high possibility that the price will rebound in nearest future: besides the local trendline we may observe the sma200 on 4-h chart. Additionally, we entered the price zone of 3,350.00-3,375.00, which used to be a resistance zone, now may play out as a support. In case of rebound, the price may go to local highs of 3,440.00 at least.
On July 24 the U.S. Manufacturing PMI report came out way below forecasted (49.5 actual vs 52.6 forecasted). A number below 50 causes concerns among investors and could be a sign of an overall economic slowdown or recession. So, as a result, it could lead to an increase in demand for safe assets like gold.
However, today the price, despite the recent rebound from the trendline after report, came to the trendline once again. There is a high possibility that the price will rebound in nearest future: besides the local trendline we may observe the sma200 on 4-h chart. Additionally, we entered the price zone of 3,350.00-3,375.00, which used to be a resistance zone, now may play out as a support. In case of rebound, the price may go to local highs of 3,440.00 at least.
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Telegram Channel:
t.me/elibrianalytics
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t.me/elibrianalytics
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Join me, I'll guide you to PROFITABLE TRADING💵!
Telegram Channel:
t.me/elibrianalytics
Telegram Channel:
t.me/elibrianalytics
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.