GOLD 21/6!! A slight recovery after the fall

The price of gold (XAU/USD) remains at a low point for the week, recovering from a three-day decline near $1,937. Investors are getting ready for an important event this week, which is the bi-annual testimony of Fed Chair Jerome Powell. It's important to mention that negative news about China, along with the Federal Reserve's hawkish stance and positive data from the United States, are keeping the bears in the XAU/USD market optimistic.

Expect a slight recovery of the downtrend on June 20. But the downtrend is still dominant

Can SELL price range $1946-$1950, SL 1960


Based on 2 technical indicators EMA 34, EMA 89 combined with the MACD, it shows that the 9 EMA crosses the upward signal line, showing divergence.

Trade active:

Gold Price Forecast: XAU/USD bears are focused on breaking below the $1,925 level and are closely watching the actions of Fed Chair Powell, as indicated by the Confluence Detector.

Comment:

World gold had a 3rd consecutive drop as the USD continued to gain momentum. The report on housing starts and construction permits, tier 3 news in the US exceeded expectations supported the USD, putting pressure on gold and precious metals to close the session down $14/oz to $1,935.1.

Trade active:

The market is still stabilizing around the level of $1934

Trade closed: target reached:

Gold only reached the target of 1940$ and returned to 1919$.
The trend is correct, the entry is not matched. But congratulations, we are lucky to choose the right direction