Gold price stuck in a short-term range

Gold is currently experiencing a short-term sideways trend with limited reasons to break out. The volatility is low, as indicated by the 14-day ATR, and the precious metal is not being excessively bought or sold according to the CCI indicator.

The recent intersection of the 20-day/50-day moving averages suggests a slightly positive outlook, despite the struggle to break the $1960/oz resistance level. The Fibonacci retracement level of 23.6% is at $1971.6/oz. Support levels are around $1940/oz. and $1932/oz.

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🐾 BUY XAUUSD zone 1931 - 1929

⚠ Stop Loss : 1924

💲 Take Profit 1: 1940
💲 Take Profit 2: 1950

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In its announcement, Fitch said it sees the U.S. general government deficit rising to 6.3% of GDP in 2023, up from 3.7% in 2022. The deficit is expected to grow by 6.6% and 6.9% of GDP in 2024 and 2025, respectively.

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🔹Fitch Ratings’ downgrade of its U.S. government debt rating fueled more of the partisan bickering that the firm said was raising concerns about America’s ability to tackle its budget deficits.

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Thursday, the ISM said its Services Purchasing Managers Index fell to a reading of 52.7% last month, down from June's reading of 53.9%. The data also missed consensus estimates as economists were expecting a small drop to 53.1%.

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🐾 SELL XAUUSD zone 1952 - 1954

⚠️ Stop Loss : 1960

💲 Take Profit 1: 1946
💲 Take Profit 2: 1940
💲 Take Profit 3: 1930

🐾 BUY XAUUSD zone 1915 - 1917

⚠️ Stop Loss : 1910

💲 Take Profit 1: 1925
💲 Take Profit 2: 1930
💲 Take Profit 3: 1935

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Friday's surprise payroll data miss showed 187,000 jobs created versus 200,000 expected, which helped Gold find its footing and recover from its recent slump. Will a single miss be enough to stave off the Fed's aggressive stance on rate hikes?