Gold prices (XAU/USD) regained momentum, after posting a two-day streak of gains the previous day, as the market prepared for speeches by key central bank officials at the Banking Forum European Central (ECB) in Sintra. Additionally, economic optimism supported by headlines from the US and China also underpins XAU/USD's recovery.
On Tuesday, a flurry of US data allowed the US Dollar to ease its intraday losses and underpin economic optimism, thereby allowing US President Joe Biden to rule out a recession. economic. The same has recently underpinned the rally in Gold Price.
Gold price remains inside a monthly bearish channel, having recently bounced off the support line around $1905.
The Relative Strength Index (RSI) line, set at 14, suggests a bottom pick for Gold near the $1,900 round figure, a drop in XAU/USD could challenge the stated channel formation with downside break of the $1905 support.
Therefore, the Gold bears need a validation from $1,900 to regain control.
On Tuesday, a flurry of US data allowed the US Dollar to ease its intraday losses and underpin economic optimism, thereby allowing US President Joe Biden to rule out a recession. economic. The same has recently underpinned the rally in Gold Price.
Gold price remains inside a monthly bearish channel, having recently bounced off the support line around $1905.
The Relative Strength Index (RSI) line, set at 14, suggests a bottom pick for Gold near the $1,900 round figure, a drop in XAU/USD could challenge the stated channel formation with downside break of the $1905 support.
Therefore, the Gold bears need a validation from $1,900 to regain control.
Trade active:
You can buy lightly in this area and wait for the price to retest like in the chart everyone
Comment:
Technically, the US Dollar is under pressure on the weekly and daily charts and this could be the driver for the Gold errors. On Gold's weekly chart, we've seen a bearish extension that could make a low and thus the focus is on the upside. The 38.2% Fibonacci retracement level of the latest bearish impulse range on the weekly chart combines with the 50% average reversion zone on the daily chart to form trendline resistance around $1938/39. If USD continues to deteriorate, this could lead to a double bottom on Gold's daily chart.
Comment:
✅Sell scalp the $1,920-$1,922 range when the price hits the resistance area.
✖️Stoploss: $1,925.
✖️Stoploss: $1,925.
Comment:
One important factor that will affect the future of gold is the state of US banks. As geopolitical risks in Russia decline, money is returning to equity markets, putting pressure on gold.
Furthermore, the yield on 10-year US Treasuries rose to 3.83%, making it more expensive to hold non-yielding assets like gold. This has led to a drop in the price of precious metals.
Furthermore, the yield on 10-year US Treasuries rose to 3.83%, making it more expensive to hold non-yielding assets like gold. This has led to a drop in the price of precious metals.
Trade active:
✅buy scalp the $1,910-$1,912 range when the price hits the resistance area.
✖️Stoploss: $1,905.
✖️Stoploss: $1,905.
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.
