Gold showed a minor pullback after dismal US
economic data. Read Till End
US economic data for the day
Philly Fed manufacturing Index- weak (Positive
for Gold)
Building permits - bearish (positive for Gold)
US jobless claims - weak (positive for gold)
According to the CME Fed watch tool, the
probability of a 25 bpbs rate cut in Sep
decreased to 57.90% from 61.10% a week ago
Technical:
The near-term support is around $2340, The
yellow metal faces minor resistance around
$2365 and a breach above will take it to the
next level of $2375/ $2400.
Signal
Sell $2365 with an SL of around $2375 for a TP
of $2340.
Buy $2340 with an SL of around $2320 for a TP
of $2400.