GOLD 21/6!!! Gold near post-Powell lows
Gold prices remained just above their lowest level in three months on Wednesday, as they suffered significant losses in the previous session due to traders shifting their focus to the dollar in anticipation of further information on U.S. interest rates.
Later in the day, Federal Reserve Chair Jerome Powell is scheduled to testify before Congress, which could provide more insight into the future of monetary policy and interest rates following the mixed messages from the Fed last week.
The uncertain stance of the Fed prompted some investors to move their assets into the dollar, given that the central bank paused its rate increase cycle but indicated the possibility of more hikes later in the year. Consequently, gold prices were negatively affected and remained relatively stagnant within a narrow trading range observed over the past month.
Prediction of sideways gold price in the price range $1920 - $1955
Today, can put 2 entry at:
BUY GOLD: zone $1925- $1927
SELL GOLD: zone $1949- $1951
Combine 2 EMA 34, EMA 89 and finonaccy signal to have 2 beautiful support and resistance entry areas
Later in the day, Federal Reserve Chair Jerome Powell is scheduled to testify before Congress, which could provide more insight into the future of monetary policy and interest rates following the mixed messages from the Fed last week.
The uncertain stance of the Fed prompted some investors to move their assets into the dollar, given that the central bank paused its rate increase cycle but indicated the possibility of more hikes later in the year. Consequently, gold prices were negatively affected and remained relatively stagnant within a narrow trading range observed over the past month.
Prediction of sideways gold price in the price range $1920 - $1955
Today, can put 2 entry at:
BUY GOLD: zone $1925- $1927
SELL GOLD: zone $1949- $1951
Combine 2 EMA 34, EMA 89 and finonaccy signal to have 2 beautiful support and resistance entry areas
Trade active:
continue to expect the price to drop to 1927. BUY ZONE $1925 - $1927
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 $1,935.1.
Trade active:
There is a high possibility that prices will fluctuate when the Fed's news is released
Trade closed: target reached:
Gold from 1926$ and spiked to 1933$, reached 70pips shortly
