Gold prices rise in technical weekend session

Newly released economic data shows that the US economy is recovering strongly, it is unlikely to fall into a recession during this period. Therefore, it suggests that high interest rates will continue to be maintained for a long time.

Gold is on track to record its deepest weekly loss since June 23 as the US Federal Reserve (Fed) and the European Central Bank (ECB) continue to raise interest rates this week, and open up opportunities for investors. future increases.

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According to CME Group's FedWatch tool, most investors believe that the Fed last increased interest rates in July. Interbank borrowing costs in the US have risen by an additional 25 basis points, ranging from 5.25% to 5.5%. When interest rates stop rising, the USD will become less attractive to foreign investors seeking high returns, meaning that this currency may weaken compared to its counterparts.

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DXY above 101.5 supports the bull side, below 101.5 but above 100.5 is a competitive zone where prices are likely to move sideways. DXY bulls will gain strength if it surpasses 102.00.

The range of 17.4 is significant for the Strength indicator, with support at 17.35 and resistance at 17.5.

Gold is currently constrained and influenced by DXY, with a trading range of 1965-1952.

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Swiss National Bank registers $15 billion loss in second quarter Swiss central bank is feeling interest rate rise.

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🕯 SELL GOLD | 1968 - 1965

🔴 SL: 1973

🟢 TP1: 1955
🟢 TP2: 1945

🕯 BUY GOLD | 1945 - 1942

🔴 SL: 1937

🟢 TP1: 1950
🟢 TP2: 1955

交易开始:

Plan SELL Close 1/2 +30pips ✔️✔️✔️ Move SL to Entry

交易结束：到达目标:

Plan SELL Close Full +80pips ✔️✔️✔️