Friday, 31 July 2020

Today's Gold Market Quick Analysis

📝 Commenting on July 31, 2020:

  ‼ ️
 - US GDP decreased by 32.9% compared to the previous quarter, expected to be 34.5%, this is the figure that CNBC commented that the Great Depression did not see such two-digit decline.

 - The number of applications for new unemployment benefits in the US continued to increase for the second week in a row, plus the number of deaths in Florida and Arizona set a record last night, causing the US to continue dropping points to create a falling rhythm.  Continued, the lowest in the last 2 years this has made the XXX / USD pairs to benefit from continued gains including precious metals.

 ‼ ️ About techniques and personal views:
 - Yesterday, the price of gold fluctuated from 1970 to 1939-1943.  Yesterday mentioned that gold will move sideways and in my personal view gold will continue to move sideways today before the US session.

 - The resistance zone pushed the price of gold down in 1967-1970 and helped push the price around 1945 and further to around 1933.

 - Tonight outside of the weekend will be the last trading session of the month so it is not ruled out that there will be strong profit taking sessions to close the month candles so we should be careful with buy orders at the price in the middle of the 2  the above resistance and support areas.

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