Strategy Sell Gold before PCE 30th, continue downtrend
Despite a bit of a trigger, gold prices failed to break out of their downtrend as pressured by some upbeat US economic data that revived the US dollar index.
Specifically, the final US GDP and personal consumption figures for the first time were higher than expected. Adjusted GDP grew from 1.3% to 2.0%, while personal consumption increased from 3.8% to 4.2%.
Meanwhile, U.S. jobless claims fell 26,000 to 239,000, down from an 18-month high and the biggest drop since 2021. The numbers fell on money policy hawks. U.S. currency, who want the Federal Reserve to keep raising interest rates.
Selling off securities on the stock market is necessary for the Fed to continuously tighten. Until that happens, however, the gold market has a lot to contend with, including strong ETF outflows.
SALE LIMITED USD 1920 - 1922💯💯
✅ TP1: 1915
✅ TP2: 1908
✅ TP3: 1900
🛑 SL: 1928
Specifically, the final US GDP and personal consumption figures for the first time were higher than expected. Adjusted GDP grew from 1.3% to 2.0%, while personal consumption increased from 3.8% to 4.2%.
Meanwhile, U.S. jobless claims fell 26,000 to 239,000, down from an 18-month high and the biggest drop since 2021. The numbers fell on money policy hawks. U.S. currency, who want the Federal Reserve to keep raising interest rates.
Selling off securities on the stock market is necessary for the Fed to continuously tighten. Until that happens, however, the gold market has a lot to contend with, including strong ETF outflows.
SALE LIMITED USD 1920 - 1922💯💯
✅ TP1: 1915
✅ TP2: 1908
✅ TP3: 1900
🛑 SL: 1928
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