GOLD - Strategy Sell gold in the morning of 7/7, scalping
The US jobs report in June showed that the country added 497,000 jobs, up from the expected number of 220,000. Positive working data affects the "hawkish" view of the US Federal Reserve (Fed) continuing to raise interest rates.
The DXY Index (which measures the volatility of the greenback against six major currencies) closed at 103.12. Treasury bond yields are higher. Rising rates will increase the opportunity cost of holding non-yielding assets like gold.
The latest minutes show that most Fed officials think that keeping the Fed's base rate unchanged at 5.0-5.25% is "appropriate and acceptable". Some supporters rose 0.25%.
Traders predict an 89% chance the Fed will raise 25 basis points at its July 2023 meeting, according to CME's Fedwatch analysis tool.
XAUUSD SELL LIMIT 1914 - 1916💯💯
✅ TP1: 1908
✅ TP2: 1900
✅ TP2: 1896
🛑 SL: 1924
The DXY Index (which measures the volatility of the greenback against six major currencies) closed at 103.12. Treasury bond yields are higher. Rising rates will increase the opportunity cost of holding non-yielding assets like gold.
The latest minutes show that most Fed officials think that keeping the Fed's base rate unchanged at 5.0-5.25% is "appropriate and acceptable". Some supporters rose 0.25%.
Traders predict an 89% chance the Fed will raise 25 basis points at its July 2023 meeting, according to CME's Fedwatch analysis tool.
XAUUSD SELL LIMIT 1914 - 1916💯💯
✅ TP1: 1908
✅ TP2: 1900
✅ TP2: 1896
🛑 SL: 1924
