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Gold & SPX Key Technical Levels to Trade the U.S. Advance GDP

Posted Friday, July 27, 2018 by
Arslan Butt • 1 min read

What’s up, fellas.
Gold continues to trade bearish day under pressure from a stronger dollar and in response to an easing of trade anxieties after the United States accepted to abstain from inflicting tariffs on cars from the European Union.

On the other hand, the major U.S. stock indexes are trading somewhat better this morning. This follows a diverse performance which was highlighted by an abrupt drop in the NASDAQ Composite. The technology division took a defeat after Facebook announced a miss in second-quarter earnings following Wednesday’s close. Shares of the social media giant dipped 18.96%, posting their worst performance ever, on the back of those disappointing results.

As discussed in FX Leaders’ July 27 – Economic Event’s Report, all eyes remain on the GDP figures from the United States. The advanced GDP is expected to soar from 2% to 4.2%. If the actual figure really rises by 4.2% or more, this will be a solid reason to consider two additional rate hikes by the Federal Reserve.

Gold – XAU/USD – Trading Levels

Support Resistance
1221.61 1231.93
1218.43 1235.11
1213.27 1240.27
Key Trading Level: 1226.77

S&P500 – SPX – Trading Levels

Support Resistance
2825.71 2848.85
2818.55 2856.01
2806.98 2867.58
Key Trading Level: 2837.28

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