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

Gold continues to trade bearish day under pressure from a stronger dollar and in reply to an easing of trade anxieties after the United...

Chief of the day

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

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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