Gold on the 4-hour timeframe, with the previous daily candle closing at 1907.500 and breaking below the daily support level established on Friday, June 23rd, 2023. Notably, there are several high-impact news events on the horizon that could impact the US Dollar, including a speech by Fed Chair Powell at the Fourth Conference on Financial Stability hosted by the Bank of Spain in Madrid during the pre-London session open. Additionally, during the New York session, there will be releases of Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q, and Pending Home Sales m/m.
Given the upcoming news events and their potential impact on the market, it would be prudent to allow the price to develop a clear structure, such as a 4-hour candle closure, and carefully assess the released data before considering any trading positions.
Given the upcoming news events and their potential impact on the market, it would be prudent to allow the price to develop a clear structure, such as a 4-hour candle closure, and carefully assess the released data before considering any trading positions.