GOLD 29/6 : long-term decline unlikely

Gold prices extended their weekly lows on Wednesday and printed new multi-week lows near $1,900. The continuation of the decline was due to shrinking volumes and open interest, removing the strength from the continued decline in the very near term. Meanwhile, the $1900 per troy ounce area is expected to provide good contention for the time being.

The gold bears prevail and have a final hurdle around $1,900 to break through before witnessing a free ride towards $1,880.

That said, the convergence of the previous monthly low and the one-month Pivot Point S1 together form $1903 as key support.

Comment:

Inflation remains a global issue even though many countries around the world have tightened monetary policy aggressively over the past year or so.

The gold market is not doing well with prices possibly falling below $1,900/ounce in the short term.

Comment:

⭐️Make a trading plan:
✅Buy order in the $1,902-$1,904 price zone when the support zone is approached.
✖️Stoploss: $1,897.

AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!

Comment:

Fed Chairman Jerome Powell reiterated that there is a possibility of two rate hikes this year and said he does not see inflation falling to the Fed's 2% target level until 2025. This, in line with macroeconomic data. tissue. U.S. optimism, published in its 2nd year, confirmed renewed expectations for a 25 basis point (bps) rate increase at the next Federal Open Market Committee (FOMC) policy meeting. on July 25-26. For me, this still supports higher US Treasury yields and favors the USD bulls, suggesting that the path is least responsive for Gold prices is going down.

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.