GOLD 22/6 : The downtrend still shows no signs of cooling down
Gold prices fell to a three-month low even after Federal Reserve Chairman Jerome Powell appeared belligerent. The reason could be related to the absence of any new comments, as well as to contradictory statements from other Fed Officials.
The S Dollar Index (DXY) remains pressured around a one-month low, marked the previous day, as bears look for fresh clues to extending the previous day's heavy losses early in Thursday.
If nothing changes, according to the expectations of most Fed officials, the Fed will raise interest rates two more times for the rest of 2023.
Thus, the USD will likely be firm and negatively impact gold.
The S Dollar Index (DXY) remains pressured around a one-month low, marked the previous day, as bears look for fresh clues to extending the previous day's heavy losses early in Thursday.
If nothing changes, according to the expectations of most Fed officials, the Fed will raise interest rates two more times for the rest of 2023.
Thus, the USD will likely be firm and negatively impact gold.
Comment:
Strong USD rally continues to put pressure on precious metals. Early this morning, the US Dollar Index, which measures the volatility of the greenback with 6 major currencies increasing, reduced the attractiveness of gold to buyers holding other currencies.
The market is waiting for the latest statements from the Chairman of the US Federal Reserve (Fed) Jerome Powell. He will provide a semi-annual monetary policy report to Congress on Wednesdays and Thursdays. Many expect the president of the world's most powerful central bank to repeat the comments at the new press conference. here, in which he left open the possibility of higher interest rates in the future.
The market is waiting for the latest statements from the Chairman of the US Federal Reserve (Fed) Jerome Powell. He will provide a semi-annual monetary policy report to Congress on Wednesdays and Thursdays. Many expect the president of the world's most powerful central bank to repeat the comments at the new press conference. here, in which he left open the possibility of higher interest rates in the future.
Comment:
The US Dollar is taking a solid step back against most currencies. The gains against the Korean Won and the Japanese Yen are easing the impact a bit, while the risk of further upside for the EUR/USD pair grows. This resulted in the US Dollar Index (DXY) breaking below 102.00, creating a new monthly low.
Comment:
⭐️Make a trading plan:
✅Buy the $1,915-$1,913 range when the price hits the resistance area.
✖️Stoploss: $1,910
✅Buy the $1,915-$1,913 range when the price hits the resistance area.
✖️Stoploss: $1,910
✅Buy the $1,930-$1,928 range when the price hits the resistance area.
✖️Stoploss: $1,925