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β
XAUUSD BUY 2475
β‘οΈTP 2478
β‘οΈTP 2483
β‘οΈTP 2487
β‘οΈTP 2492
SL: 2468βΌοΈβΌοΈ
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βοΈ Gold Analysis TodayβοΈ
π Support = 2480
π Resistance = 2511
π Trend = Mild-Negative
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Markets are still buzzing about a 100 bps rate cut at the Fed's remaining three meetings this year
The ECB is expected to cut rates due to a sharp slowdown in inflation, based on preliminary data from August.
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Important News For USD/GOLD
Why GOLD down?
The US dollar and stay at their current impression rate of 5.5 are aiming to bring it down to another 2 %.
Due to which the value of the dollar has been somewhat strong . As a result, the gold market has taken a downward correction. But the world is facing major political unrest due to which the gold market may still continue the buy train.We are hopeful it will go up again.
But there is FOMC meeting minutes conference on 19th of this month.The Fed thinks this month is the right time to cut interest rates to their target of 2%.If they can bring in 2% interest rate then the USD currency will be stronger. In that case the gold market will come down.
Note: I think their inflation will drop to 2% and the gold market will go down a lot. We have to wait till the 19th. WAVE FX
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