GOLD 27/6 : Haven't escaped the key area yet
Gold struggled to gain any meaningful traction on Tuesday and hovered in a narrow trading range, just above $1,920 during the Asian session. Meanwhile, XAU/USD remains within an impressive distance of its lowest level in more than three months hit last Friday and looks vulnerable below the 100-day Simple Moving Average (SMA).
The Federal Reserve (Fed) has also signaled that borrowing costs may still need to rise by as much as 50 basis points by the end of the year. In addition, Fed Chairman Jerome Powell, during his two-day congressional testimony last week, said that the US central bank does not see a rate cut happening anytime soon and will wait until it is certain. sure that inflation is falling to the 2% target.
Technically, it took a long time for gold prices to recover to the highs once again, and break the resistance areas as written above to confirm a new uptrend.
The Federal Reserve (Fed) has also signaled that borrowing costs may still need to rise by as much as 50 basis points by the end of the year. In addition, Fed Chairman Jerome Powell, during his two-day congressional testimony last week, said that the US central bank does not see a rate cut happening anytime soon and will wait until it is certain. sure that inflation is falling to the 2% target.
Technically, it took a long time for gold prices to recover to the highs once again, and break the resistance areas as written above to confirm a new uptrend.
Comment:
On Tuesday, market participants appeared to be worried about economic headwinds stemming from rapidly rising borrowing costs, which could prevent traders from placing strong bearish bets around the gold price. , at least for the time being.
Comment:
⭐️Make a trading plan:
✅Sell the $1,932-$1,936 range when the price hits the resistance area.
✖️Stoploss: $1,940.
✅Sell the $1,932-$1,936 range when the price hits the resistance area.
✖️Stoploss: $1,940.
Comment:
Gold futures bears have a slight short-term technical advantage overall. A 6-week downtrend has appeared on the daily bar chart.
Bears' next near-term downside downside objective is to push futures prices below solid technical support at $1900.
Bears' next near-term downside downside objective is to push futures prices below solid technical support at $1900.
Comment:
⭐️Make a trading plan:
✅Buy scalp the $1,926-$1,928 range when the price hits the resistance area.
✖️Stoploss: $1,922.
✅Buy scalp the $1,926-$1,928 range when the price hits the resistance area.
✖️Stoploss: $1,922.
Comment:
Match the plan, follow the strategy to reach the full target
Comment:
Gold prices fell to a recent 4-month low on anticipation of interest rates staying higher for longer, while Federal Reserve Chairman Jerome Powell continued. reiterate the "hawkish" stance on interest rate hikes.
Gold is still testing the $1900 level to see how strong the bulls are. And hopefully this price release will still be well protected
Gold is still testing the $1900 level to see how strong the bulls are. And hopefully this price release will still be well protected
Comment:
On Thursday, the annual U.S. Gross Domestic Product (GDP), mostly known as real GDP, grew at a 2.0% rate in the first quarter (Q1) of 2023 compared with initial estimates. The first is 1.3%. Additionally, US Weekly Initial Jobless Claims fell to 239K for the week ending June 23rd from 265K projected and revised previously.
