According to data from Kitco.com, the current spot price of gold is $1,922.60 per ounce.
Gold has received strong support at the $1,900 per ounce level. If inflation remains high, it could push the price of gold below this support level and potentially drop to $1,848 per ounce quickly.
If interest rates continue to rise as predicted by the market, it could pose difficulties for American consumers and slow down sales, weakening demand for precious metals in the next 12 months.
Trading plan:
SELL GOLD price range: 1933 - 1935
Stop Loss : 1938
Take Profit : 1925
Take Profit : 1915
Take Profit : 1905
Note: TP, SL full to be safe and win the market!
Gold has received strong support at the $1,900 per ounce level. If inflation remains high, it could push the price of gold below this support level and potentially drop to $1,848 per ounce quickly.
If interest rates continue to rise as predicted by the market, it could pose difficulties for American consumers and slow down sales, weakening demand for precious metals in the next 12 months.
Trading plan:
SELL GOLD price range: 1933 - 1935
Stop Loss : 1938
Take Profit : 1925
Take Profit : 1915
Take Profit : 1905
Note: TP, SL full to be safe and win the market!
Comment:
Ole Hansen, head of commodity strategy at Saxo Bank, is also bullish on gold as markets end the week above key resistance, even as US 10-year yields push above 4%. .
Comment:
The U.S. Bureau of Labor Statistics said 209,000 jobs were created in June, below expectations as economists forecast a job gain of about 224,000.
Comment:
This is further supported by the formation of an inverted head and shoulders pattern just above the Daily Buy order block, coinciding with the release of the Friday NFP news.
Comment:
Gold has started the trading week with a fairly peaceful movement as it only slightly decreased in the US Monday midday session. Still, it's been a hectic week for US economic reports, including key US inflation data later this week.
