Gold price may drop further this week
The US Dollar mostly outperformed its major counterparts this past week. Gold prices were particularly hit hard as Treasury yields on the longer-term spectrum soared. This was likely to due financial markets pricing in a higher terminal rate from the Federal Reserve amid still-solid economic data.
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Running + 30pips ✔️✔️✔️
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Close Full Hit TP2 + 110pips 😮
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- Traders reduce short positions to the lowest level since June 2022 for the S&P 500 index.
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- US asks China to be more transparent on economic data amid slowdown - Financial Times.
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US bank Evercore: The Fed's tightening of monetary policy ended the golden age of investment.
🔴 SL: 1905
🟢 TP1: 1892
🟢 TP2: 1887