XAUUSD - Selling pressure as UofM rises to 72.6
Gold is currently consolidating above $1,950/ounce, but there is an increasing selling pressure due to the surprising optimism of U.S. consumers. The Consumer Sentiment Index of the University of Michigan showed a preliminary reading of 72.6, which is higher than the revised reading of 64.4 in June. The reading significantly exceeded the predicted 65.5.
Overall, the consumer sentiment has increased for all demographic groups, except for those with low income. The main reason for the increase is the slowdown of inflation and stability in the job market. As shown in the chart, the current sentiment is at 50, which is historically low, since June 2022, and was at 101 before the pandemic in February 2020.
Initially, the data seemed to weigh on the price of gold. The August futures for gold last traded at $1,956, down 0.39% for the day.
Overall, the consumer sentiment has increased for all demographic groups, except for those with low income. The main reason for the increase is the slowdown of inflation and stability in the job market. As shown in the chart, the current sentiment is at 50, which is historically low, since June 2022, and was at 101 before the pandemic in February 2020.
Initially, the data seemed to weigh on the price of gold. The August futures for gold last traded at $1,956, down 0.39% for the day.
Comment:
In technical terms, gold futures speculators are in a short-term technical playing field, with both bullish and bearish players having momentum. The 9-week downtrend on the daily bar chart has been negated. The next bullish target for the speculators is to close the August futures contract above the strong resistance level of $2,000. The next bearish target is to push the futures contract below the strong technical support level of $1,900. The first resistance levels seen are at $1,968 and $1,975 respectively. The first support levels seen are at $1,954 and $1,950 respectively.
Comment:
🐾 SELL XAUUSD zone 1970 - 1968
⚠ Stop Loss : 1975
💲 Take Profit 1: 1955
💲 Take Profit 2: 1950
⚠ Stop Loss : 1975
💲 Take Profit 1: 1955
💲 Take Profit 2: 1950
Trade active:
⭐️Plan to SELL Successfully Runnings + 60pips 💲💲💲
Comment:
US retail sales increased by 0.2% in June, following a 0.5% increase in May, according to the latest data from the US Department of Commerce. Economists had expected a 0.4% increase.
Year-on-year, headline sales rose by 1.5%. Core sales, which exclude car sales, also fell short of expectations, rising by 0.2% compared to the expected 0.4% increase.
However, the report's control group, which excludes cars, gasoline, building materials, and food services, exceeded expectations, rising by 0.6% in the previous month. Economists were looking for a 0.3% increase.
Year-on-year, headline sales rose by 1.5%. Core sales, which exclude car sales, also fell short of expectations, rising by 0.2% compared to the expected 0.4% increase.
However, the report's control group, which excludes cars, gasoline, building materials, and food services, exceeded expectations, rising by 0.6% in the previous month. Economists were looking for a 0.3% increase.
Comment:
🐾 SELL XAUUSD zone 1990 - 1987
⚠ Stop Loss : 1995
💲 Take Profit 1: 1975
💲 Take Profit 2: 1965
⚠ Stop Loss : 1995
💲 Take Profit 1: 1975
💲 Take Profit 2: 1965
Trade active:
⭐️SELL Runnings + 80pips 💲💲💲
