💰 $XAUUSD hits weekly highs on the US Independence Day-led thin trading 💵 $USD capitalizes on recession fears and US-Sino tech fight 🐮 Gold needs a daily close above $1,922 to confirm a bullish wedge Full forecast ⏩ Forex Commodities
US Dollar capitalizes on recession fears and US-Sino tech fight ahead of the Fed Minutes.
In early Wednesday’s trading, risk-off flows continue dominating as risks of a revival in the US-China trade war are back on the table after the US curbed AI chips’ shipments to Beijing. In response, China announced abrupt controls on exports of some gallium and germanium products, effective from August 1. Meanwhile, there are reports that US President Joe Biden’s administration is preparing to restrict Chinese companies’ access to US cloud-computing services.
However, it remains to be seen if Gold bulls succeed to regain the upside traction, as a Bear Cross and bearish Relative Strength Index continue to warrant caution.
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