Gold prices on Tuesday attracted some buyers, breaking the four-day decline to a weekly low.
Imminent downside risks are supporting safe-haven metals given the moderate depreciation of the US dollar.
The uptrend appears to be tempered by this week's central bank events and key US data.
GOLD
SELL LIMIT 1967 -1969💯💯
✅ TP1: 1960
✅ TP2: 1955
✅ TP2: 1950
🛑 SL: 1975
Imminent downside risks are supporting safe-haven metals given the moderate depreciation of the US dollar.
The uptrend appears to be tempered by this week's central bank events and key US data.
GOLD
SELL LIMIT 1967 -1969💯💯 ✅ TP1: 1960
✅ TP2: 1955
✅ TP2: 1950
🛑 SL: 1975
Comment:
Gold prices gained some positive traction during the Asian session on Tuesday and now, appear to have broken a four-day bearish streak to the lowest in more than a week touched the previous day. XAU/USD is currently trading around $1,960, up 0.25% on the day, as traders are eagerly anticipating the central bank's key event this week.
Comment:
Risks Thinking Watching, worsening relations between the United States and China - the world's two largest economies - and geopolitical risks have clouded the recent optimism in markets. Worries about recession Deeper global economic concerns flared up again on Monday following the disappointing July release of the Purchasing Managers' Index (PMI). The survey showed a broad-based decline in business activity in the manufacturing and services sectors in the Euro Area, the United Kingdom (UK) and the United States (US). Coming to me, this is considered a key factor supporting the safe-haven Gold Price.
