GOLD : Slight fluctuations at the beginning of the new week

Last week, international gold prices increased continuously from 1,912 to 1,952 and closed at 1,939. The reason why gold prices rose sharply this week was because the US labor market continued to show less positive signals. Specifically, although NFP figures in August reached 187,000 jobs, higher than the expected level of 170,000 jobs, compared to the first months of 2023, there has been a strong downward trend.

With very little economic data scheduled for release next week (services PMI, weekly jobless figures), investors should keep an eye on the dollar and US Treasury yields. to identify gold price trends and decide appropriate investment strategies.

From a technical analysis perspective, after a decline of more than 100 prices from 1989 to 1885, the gold price has recovered more than 60 prices, reaching the 38.2 Fibonacci level according to the Fibonacci Retracement, in my personal opinion, this price zone It is no longer a price zone to watch for. Trading plan for this week consider waiting to buy around 1915, wait to sell around 1987.

تعليق:

➡️The dollar fell in cautious trading as investors assessed the US jobs data, which included signs of slowdown, which reinforced expectations that the US Federal Reserve has probably reached the end of the monetary tightening cycle.

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ECB President Lagarde: At a time when people are paying the most attention, central banks must deliver their key communications to ensure these expectations remain firmly anchored.

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➡️JPMorgan Bank raises its forecast for inflation in Turkey by the end of the year to 65% from a previous forecast of 62% after inflation data for August came out higher than expected.

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➡️Michael Burry has now lost approximately -42% of his bet ($1.6 billion) against the S&P 500 and Nasdaq.

تعليق:

🕯 SELL GOLD |  1924 - 1926

🔴 SL: 1930

🟢 TP1: 1920
🟢 TP2: 1915