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XAUUSD sets new direction.

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Hello traders. Gold price gains some positive traction on Thursday, albeit lacks follow-through.
A softer risk tone benefits the safe-haven XAU/USD amid subdued USD demand.
Bets for more Fed rate hikes to act as a tailwind for the buck and cap the upside.

Worries about worsening economic conditions in China, along with persistent US-China trade tensions, continue to weigh on investor sentiment. This is evident in the overall weaker trend in the stock market, and chemistry turns out to be the main factor favoring the precious metals' safe haven status.

The downside action in the US Dollar (USD) remains supportive for Gold prices, although it remains difficult to see any meaningful upside move.

BUY XAUUSD 1912 -1914 ↠↠ STop 1907

→Profit 1 1920
↨
→Profit 2 1930

SELL XAUUSD GOLD 1933-1935 ↠↠ STop 1938

→Profit 1 1928
↨
→Profit 2 1922

⚡️Data also showed some resilience in the U.S. economy, further sapping safe haven demand for the yellow metal amid growing bets that the country will avoid a recession this year.

⚡️After Unemployment Claims news, reality was smaller than forecast, good for USD, bad outlook for gold

⚡️Trading still follows the trend line

⚡️continue the GOLD battle

⚡️Gold price attracts some buyers for the second successive day and draws support from a combination of factors.

⚡️DXY's recovery pushed gold down the past few days

⚡️ Gold fell below 1920

⚡️US yields are set to close a 2% weekly increase. Attention shifts to next week’s US CPI and Retail Sales from the US.

⚡️Inflation, measured by the Consumer Price Index, or CPI, fell from a four-decade high of more than 9% per annum in June 2022 to as low as 3% in June this year

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⚡️The US is facing the risk of second round inflation, leaving the Fed open to raising interest rates, putting further pressure on the exchange rate

⚡️Gold's booming outlook just after the Fed paused interest rates was challenged again this week as the yellow metal notched a weekly loss as its rival, the dollar, soared

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⚡️Gold price trades around $1,920 a troy ounce during the early trading hours in the Asian session on Monday. The precious metal struggles to hold ground near the previous weekly close, experiencing minor support due to the retreating in the US Dollar (USD).

⚡️XAU/USD failed to break above long-term trendline resistance and is currently hovering around the 1925.06 reversal bottom. The RSI indicator shows hesitation among traders without showing any specific trend. Upcoming data releases could fuel the trend with any move to support the USD likely causing gold prices to test resistance once again

⚡️In this morning's trading session, the yellow metal has had a significant increase, can gold break the 1930 barrier?

⚡️Everything is going according to plan