Gold price continues to test the resistance above $1,980/ounce. However, precious metals have no upside momentum.
The Philadelphia Federal Reserve said the manufacturing sector was still struggling. The outlook for production and business in July is not very positive. The gold market did not react strongly to this disappointing economic data.
The labor market recovered strongly as the number of dependent workers applying for first-time unemployment benefits continued to decline. The number of weekly jobless claims fell by 9,000 to 228,000, the Labor Department said.
Currently, many investors expect that the Fed will only continue to raise interest rates one last time in the next meeting with an increase of 0.25 basis points. The Fed will then leave the rate unchanged until it uses a reduction to the 2% target level.
XAUUSD BUY 1962 - 1965💯💯
✅ TP1: 1972
✅ TP2: 1980
🛑 SL: 1955
The Philadelphia Federal Reserve said the manufacturing sector was still struggling. The outlook for production and business in July is not very positive. The gold market did not react strongly to this disappointing economic data.
The labor market recovered strongly as the number of dependent workers applying for first-time unemployment benefits continued to decline. The number of weekly jobless claims fell by 9,000 to 228,000, the Labor Department said.
Currently, many investors expect that the Fed will only continue to raise interest rates one last time in the next meeting with an increase of 0.25 basis points. The Fed will then leave the rate unchanged until it uses a reduction to the 2% target level.
XAUUSD BUY 1962 - 1965💯💯
✅ TP1: 1972
✅ TP2: 1980
🛑 SL: 1955
