XAUUSD H4 | Market Outlook

- Gold prices surged higher as the dollar tumbled following a softer than expected Q2 GDP report. Since gold is quoted in dollars, a weaker greenback generally leads to higher gold prices. The GDP report was the first look at growth in the U.S., but it showed the lack of inventory restocking, which record-high shipping rates have hampered.

- Technically: The main trend is up according to the daily swing chart. The trend turned up earlier in the session when buyers took out 1815. Sellers could show up on the first test of 1839 – 1842. However, the latter is also a trigger point for an acceleration into the next potential upside target at 1859