Gold Prices Decline as US Dollar Rises

In last night’s trading session, gold prices dropped to $2,505 per ounce due to the rising US Dollar, driven by positive US economic data. The July unemployment rate fell to 3.6% and the manufacturing PMI came in at 52.3, boosting the dollar and causing a sell-off in the US stock market, which reduced gold’s appeal as a safe-haven asset.

This morning, gold continued its downward trend as Asian stock markets followed the US market’s sell-off. If gold fails to break above the resistance level of $2,510 – $2,512 per ounce, the strategy is to consider Buy positions with the following targets:

• Target 1: $2,510 – $2,512 per ounce
• Target 2: $2,515 – $2,517 per ounce
• Target 3: $2,520 – $2,522 per ounce

After hitting these targets, consider shifting to Sell with an expected price drop of 5 to 7 USD.

European Session Outlook:

If gold remains around $2,505 – $2,507 or fails to break the resistance, close Buy positions and consider an early Sell with a target of 5 to 7 USD price drop.

US Session Outlook:

Tonight’s consumer confidence and housing data may cause short-term volatility but are unlikely to impact the overall gold trend significantly. Watch for further updates on trading strategies after the data release.

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