ISM Services PMI fell, outlook positive for Gold
Gold market rebounded strongly from the support level just above $1,950. August gold futures traded at $1,976, up 0.35% on the day. Gold saw new safe-haven demand when US service sector activity fell more than expected in May.
Disappointing economic data may force the Fed to end interest rate hikes. The market sees over an 85% chance that the Fed will keep interest rates unchanged at next week's monetary policy meeting. GDP growth in the second quarter will be less than 0, according to surveys on Fed's activities and economic data.
Disappointing economic data may force the Fed to end interest rate hikes. The market sees over an 85% chance that the Fed will keep interest rates unchanged at next week's monetary policy meeting. GDP growth in the second quarter will be less than 0, according to surveys on Fed's activities and economic data.
✅Buy order in the $1,949-$1,952 price zone when the support zone is approached.
✖️Stoploss: $1,945.
✅Sell the $1,972-$1,969 range when the price hits the resistance area.
✖️Stoploss: $1,976.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!