GOLD TRADING: US data open the way down

By | July 23, 2015

Gold trading despite all attempts to recover and demonstrate strong growth can not. And, most likely, will continue to fall. For such dynamics can push the precious metal intensifying expectations that the Fed will start raising rates in September. Today’s data on the number of applications for unemployment benefits reflected the decline to 255 thousand vs. 280 thousand. Thus, we can assume that the situation in the labor market continues to stabilize. In addition, the positive statistics gives grounds for the growth of the dollar, which makes assets denominated in it less.

From mid-May gold resumed downtrend formation. In the area of 1088.22 level metal to form a support on which prices and began corrective gains. The breakthrough of this mark will boost the “bears“, which will increase the pressure on the yellow metal, aiming it to move to the next barrier 1075.82.

gold chart
Gold chart
Trading analytics
Gold trading (XAU/USD)   –   sell gold   –   Entry price: 1088,22. Goal: 1075,82. Stop loss: 1095,65.
Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes and does not guarantee a result.
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