XAU price forecast to continue rising
keep an eye on the Fed's next moves
The initial jobless claims report and S&P Global PMI data will provide further signals on the health of the US economy.
Initial jobless claims for the week ending August 17 are expected to rise to 230K, up slightly from 227K last week. Services activity is expected to contract slightly, while the manufacturing PMI is expected to be flat.
The first resistance level for XAU/USD to conquer is the $2,550 area, followed by the $2,600 mark.
However, if gold fails to hold above $2,500, key support levels will be at $2,483 (July 17 high), followed by $2,450 (May 20 high). In a stronger bearish scenario, deeper support could be the 50-day simple moving average at $2,395.
The initial jobless claims report and S&P Global PMI data will provide further signals on the health of the US economy.
Initial jobless claims for the week ending August 17 are expected to rise to 230K, up slightly from 227K last week. Services activity is expected to contract slightly, while the manufacturing PMI is expected to be flat.
The first resistance level for XAU/USD to conquer is the $2,550 area, followed by the $2,600 mark.
However, if gold fails to hold above $2,500, key support levels will be at $2,483 (July 17 high), followed by $2,450 (May 20 high). In a stronger bearish scenario, deeper support could be the 50-day simple moving average at $2,395.
Nota
BUY XAU 2500
TP1: 2510
TP2: 2520
SL: 2492
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