XAUUSD: Unemployment Claims

Sphyn-Trader Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Technical analysis:

A downtrend is currently taking shape, indicated by the 34 EMA being positioned below the 89 EMA. The price of gold has been moving sideways for some time now, but with a need for liquidity, it is likely to continue trading in a narrow range of 40-48 before breaking out of this pattern. The RSI indicator confirms the downtrend, but its impact is limited in this scenario. It's worth noting that a solid support area lies at 1940.

Fundamental Overview:

The US economy is being closely monitored for signs of decline that could lead to a significant drop in the value of the US dollar. However, it appears that this event may still be some time away. Currently, the US dollar is showing strength and there are indications that it may continue to rise. This is due to inflation persisting and even accelerating despite attempts by the Fed to control it with interest rate adjustments. The market may be taken aback by this development.

There are predictions that gold will continue to decrease significantly due to the current economic recovery and tension caused by war.
Trade active:
➡Americans are not paying off their credit-card debt, per MarketWatch.
U.S.-China chip war could hurt South Korea’s tech giants but not for long.

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