XAUUSD TECHNICAL ANALYSIS SHORT TERM VIEW
XAUUSD has made double zigzag correction at level of 1892.50 so it has to fall below 1892.50.Stop loss is 1987.50 and straight target is 1892.50 .Strong resistance area is 1955 to 1987.50 levels.Gold can also fall towards 1803 levels .Trend is negative presently so selling is better with stop loss 1987.50 for downside direction targets.
QUICK FUNDAMENTAL LOOK
Gold held below $1,940 an ounce on Thursday, hovering close to three-week lows and facing pressure from a strong dollar, as signs that the US economy remains resilient in the face of higher interest rates supports the Federal Reserve’s case to keep monetary policy restrictive.
Latest data showed that US private payrolls rose more than expected in July, pointing to a strong labor market.
POC = Risk is a part of trading, use caution when placing orders and take market advice only into account.