Waiting for US economic data
The gold market continues to be in a very strong position, delaying 23.6% of its price decline. This retracement level was held recently on 4/23/24, 5/6/24 and again on 7/25/24.
You can also find support and resistance fields in the main Gann boxes at high and low levels.
Use the main Gann square 2514.00 as the swing point for the week.
Above that, the long term limit of the entry is 2775.00. The short target is the next largest Gann square at 2578.40.
Below it, there is a 23.6% return to the October 2022 low of 2422.00. Any rally that holds the 38.2% back to the 6/10/24 low maintains an extremely positive trend and could quickly reach new highs.
The dollar index (DXY00) rose +0.37% on Monday. Stronger-than-expected US economic news on Monday gave the dollar a boost. The dollar also rose on reduced expectations that the Fed will cut rates aggressively as markets are discounting the likelihood of a 50 basis point rate cut at next week's FOMC meeting at 31%, down the line at 50%. following the release of the US payrolls report last Friday. The strength of Monday's vote reduced settlement demand for the dollar.
Monday's US economic news was supportive of the dollar. July wholesale revenue increased +1.1% over the previous month, stronger than expectations of +0.3% over the previous month and the largest increase in 5 months. In addition, consumer credit in July increased by +$25,452 billion, stronger than expectations of +$10.4 billion and the maximum increase in 1-1/2 years.
The current economic situation is waiting for the final CPI data to make the Fed's decision whether it is 25 points or 50 points.
You can also find support and resistance fields in the main Gann boxes at high and low levels.
Use the main Gann square 2514.00 as the swing point for the week.
Above that, the long term limit of the entry is 2775.00. The short target is the next largest Gann square at 2578.40.
Below it, there is a 23.6% return to the October 2022 low of 2422.00. Any rally that holds the 38.2% back to the 6/10/24 low maintains an extremely positive trend and could quickly reach new highs.
The dollar index (DXY00) rose +0.37% on Monday. Stronger-than-expected US economic news on Monday gave the dollar a boost. The dollar also rose on reduced expectations that the Fed will cut rates aggressively as markets are discounting the likelihood of a 50 basis point rate cut at next week's FOMC meeting at 31%, down the line at 50%. following the release of the US payrolls report last Friday. The strength of Monday's vote reduced settlement demand for the dollar.
Monday's US economic news was supportive of the dollar. July wholesale revenue increased +1.1% over the previous month, stronger than expectations of +0.3% over the previous month and the largest increase in 5 months. In addition, consumer credit in July increased by +$25,452 billion, stronger than expectations of +$10.4 billion and the maximum increase in 1-1/2 years.
The current economic situation is waiting for the final CPI data to make the Fed's decision whether it is 25 points or 50 points.
Nota
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✔️TP1: 2490
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✔️TP3: OPEN
🚫SL: 2512
Nota
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🔴9-12 signals per day
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🔴24/7 support for newbies.
🔴You always have priority.
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