🔥 #XAUUSD : Possible GDP's effect on $GOLD & DXY (READ CAPTION)

First lets have an Fundamental Analysis on tommorow's important news , which is Advanced GDP ! Advance GDP or Advance Gross Domestic Product is an economic indicator that shows how much an economy has grown in a period of time. It is calculated based on preliminary and incomplete data and may change in the future. This indicator is important for policymakers, investors and analysts because it shows how much economic activity is in a country.

Tomorrow , the Advance GDP rate for the US will be announced for the third quarter of 2023. The previous rate for the second quarter was 2.1 percent and the forecast for the third quarter is 4.5 percent. This forecast shows that the US economy is improving and recovering from the negative impacts of the trade war with China and the coronavirus outbreak. Some of the positive factors for the US GDP growth are :

- Increase in consumer spending , which is the largest component of GDP and shows that people are buying more.
- Increase in business fixed investment , which shows that companies are investing more in equipment, buildings and inventory.
- Decrease in exports and imports , which shows that domestic demand is higher than foreign demand and improves the trade balance.

After the announcement of the Advance GDP rate for the US, the forex market will be strongly affected. If the Actual Advance GDP rate is higher than the forecast, the US dollar will maintain its strength and rise against other currencies. If the Actual Advance GDP rate is lower than the forecast, the US dollar will show its weakness and fall against other currencies. Of course, other factors such as FOMC, NFP, CPI and so on also affect the behavior of the US dollar Index.

Our forecast for the Advance GDP rate for the US for the third quarter is 4.3 percent. This forecast is slightly lower than the official forecast because I think that the negative effects of the trade war and the coronavirus are not completely gone and may affect some sectors of the US economy. If Our forecast is correct, the US dollar may show some weakness and fall against other currencies. (DYOR) Now, if the dollar index falls, we will probably see the relative growth of gold !

MGC1! GC1! XAGUSD XAUUSD DXY US30 XAUUSD

I hope Our analysis is useful for you.
Best Regards , Arman Shaban

Trade aktif

Trading ditutup: target tercapai:

As you can see, the price managed to grow up to the price of $1993 and faced selling pressure from the same area. As I had specified in the analysis of the 15-minute time frame, The range of $1993 was introduced as a zone for SELL, and by reaching this Zone , the price was corrected by 180 pips to $1975 ! Still, this area has stopped the price from falling further and we have to see if this support will remain or not! If this support is maintained, the price can grow up to levels above $2000, otherwise we will first see a range and then fall to $1930!