XAUUSD - Goldsideway ahead of US Data
Fundamental Analysis
Weak S&P Global Business PMI data cast doubt on US economic developments amid growing expectations that the Fed could keep interest rates 'higher for longer'
US Q1 GDP forecast will be announced on Thursday, expected to decrease to only 2.5%, this will weaken the US dollar and create conditions for gold to grow.
Technical Analysis
On the D1 chart, Gold has fallen below the 20 SMA, suggesting that the bearish trend may continue.
The 2300 price zone on Tuesday broke below 2291 but quickly returned to 2330. If the price cannot hold the 2291-2300 zone, a fall to 2265 will become more obvious for Gold.
On the contrary, a rise beyond 2330 will help Gold increase the possibility of retesting 2350.
Trading plan
Buy Limit 2265 Stoploss 2250 TP 2330
Sell Limit 2350 Stoploss 2360 TP 2300
Weak S&P Global Business PMI data cast doubt on US economic developments amid growing expectations that the Fed could keep interest rates 'higher for longer'
US Q1 GDP forecast will be announced on Thursday, expected to decrease to only 2.5%, this will weaken the US dollar and create conditions for gold to grow.
Technical Analysis
The 2300 price zone on Tuesday broke below 2291 but quickly returned to 2330. If the price cannot hold the 2291-2300 zone, a fall to 2265 will become more obvious for Gold.
On the contrary, a rise beyond 2330 will help Gold increase the possibility of retesting 2350.
Trading plan
Buy Limit 2265 Stoploss 2250 TP 2330
Sell Limit 2350 Stoploss 2360 TP 2300