XAUUSD - Suffer steep losses as USDX rallies

Gold prices are falling sharply and nearing daily lows in the midday US trading session on Tuesday. With a lack of significant new fundamental news this week, precious metal traders are focusing on important external markets, which are all trending downward for metals. The US dollar index is significantly higher, crude oil prices are lower, and US Treasury bond yields are increasing, with the 10-year yield rising above 4.0%.

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In technical terms, gold futures speculators have lost some overall technical advantage in the short term. The bullish side aims to close above a strong resistance level at $2,028 in July. The bearish side aims to push the futures contract below a solid technical support level at $1,939 in June. The first resistance level is seen at $2,000, followed by this week's high of $2,010. The first support level is seen at $1,975, followed by $1,968.

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🐾 BUY XAUUSD zone 1931 - 1929

⚠ Stop Loss : 1924

💲 Take Profit 1: 1940
💲 Take Profit 2: 1950

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In its announcement, Fitch said it sees the U.S. general government deficit rising to 6.3% of GDP in 2023, up from 3.7% in 2022. The deficit is expected to grow by 6.6% and 6.9% of GDP in 2024 and 2025, respectively.

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🔹Fitch Ratings’ downgrade of its U.S. government debt rating fueled more of the partisan bickering that the firm said was raising concerns about America’s ability to tackle its budget deficits.

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Thursday, the ISM said its Services Purchasing Managers Index fell to a reading of 52.7% last month, down from June's reading of 53.9%. The data also missed consensus estimates as economists were expecting a small drop to 53.1%.

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🐾 SELL XAUUSD zone 1952 - 1954

⚠️ Stop Loss : 1960

💲 Take Profit 1: 1946
💲 Take Profit 2: 1940
💲 Take Profit 3: 1930

🐾 BUY XAUUSD zone 1915 - 1917

⚠️ Stop Loss : 1910

💲 Take Profit 1: 1925
💲 Take Profit 2: 1930
💲 Take Profit 3: 1935