XAU on a strong recovery path
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XAU/USD is hovering around $2,393 an ounce. Last week, the latest data sparked renewed optimism in the gold market, helping the precious metal gain more than $20. Accordingly, the personal consumption expenditure data (the Fed's preferred inflation gauge) showed continued progress in the fight against rising inflation.
In addition, the estimated GDP in the second quarter surpassed experts' expectations with a strong annual growth of 2.8%. This figure, much higher than the 2% forecast by economists, showed the resilience of the economy despite interest rates remaining at 23-year highs.
Along with cooling inflation, economists predict that the slowing momentum in the labor market will push the Fed to ease interest rates before the end of the year. The CME FedWatch tool shows a 100% chance of a rate cut in September.
In addition, the estimated GDP in the second quarter surpassed experts' expectations with a strong annual growth of 2.8%. This figure, much higher than the 2% forecast by economists, showed the resilience of the economy despite interest rates remaining at 23-year highs.
Along with cooling inflation, economists predict that the slowing momentum in the labor market will push the Fed to ease interest rates before the end of the year. The CME FedWatch tool shows a 100% chance of a rate cut in September.
Nota
♦️XAUUSD SELL NOW 2397- 2400🟢TP1: 2392
🟢TP2: 2385
🔴SL: 2405.5
Nota
Hit TP1
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