World gold price stood at $1,905, down $10 from the same hour last morning. Gold price is still finding the bottom of 3.5 months.
Gold prices are heading for the second consecutive month of decline. The safe-haven role of precious metals has become blurred due to the resilience of the US economy. Even the complicated situation in Russia cannot support gold prices. Last year, the price of precious metals skyrocketed after Russia launched a military operation in Ukraine.
Harshal Barot, senior adviser at Metals Focus, said there are growing signs that the US can avoid a recession. As a result, gold prices are expected to fall near $1,850 this year and interest rates could stay higher for a little longer than the market expects.
Gold prices are heading for the second consecutive month of decline. The safe-haven role of precious metals has become blurred due to the resilience of the US economy. Even the complicated situation in Russia cannot support gold prices. Last year, the price of precious metals skyrocketed after Russia launched a military operation in Ukraine.
Harshal Barot, senior adviser at Metals Focus, said there are growing signs that the US can avoid a recession. As a result, gold prices are expected to fall near $1,850 this year and interest rates could stay higher for a little longer than the market expects.
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Trade active:
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Comment:
⭐️Make a trading plan:
✅Buy order in the $1,884-$1,887 price zone when the support zone is approached.
✖️Stoploss: $1,880.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!
✅Buy order in the $1,884-$1,887 price zone when the support zone is approached.
✖️Stoploss: $1,880.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!
Comment:
From a technical standpoint, further selling below the $1,900 mark could trigger a price decline for Gold. The daily chart indicators are currently in negative territory, and it may take some time before they reach oversold levels. In that case, Gold prices could quickly drop to the $1,876-$1,875 range.
On the other hand, any positive move above the $1,912-$1,913 range or the current Asian session high could face resistance near the $1,924-$1,925 area before reaching $1,936. A sustained upward momentum could lead to a short-term rally towards the barrier at $1,962-$1,964, on the way to the supply zone at $1,970-$1,972.
On the other hand, any positive move above the $1,912-$1,913 range or the current Asian session high could face resistance near the $1,924-$1,925 area before reaching $1,936. A sustained upward momentum could lead to a short-term rally towards the barrier at $1,962-$1,964, on the way to the supply zone at $1,970-$1,972.
Comment:
On the inflation front, the PCE price index was relatively unchanged, rising 4.1%, compared to the previous estimate of 4.2%. Core PCE, which strips out volatile food and energy prices, was a tick lower than expected, rising 4.9%, compared to consensus forecasts of 5.0%.
Comment:
From a technical standpoint, the round number $1,900 is currently acting as immediate support, with overnight lows fluctuating around $1,893-$1,892. Further selling activity could confirm negative prospects and potentially push Gold prices down towards the challenging level of $1,840.
On the other hand, any positive move above the $1,913 level or an overnight high could face resistance near the $1,924-$1,925 range, before reaching the $1,936 area. Sustained strength above that could trigger a short-term rally towards the $1,962-$1,964 barrier, on the way to the supply zone of $1,970-$1,972.
On the other hand, any positive move above the $1,913 level or an overnight high could face resistance near the $1,924-$1,925 range, before reaching the $1,936 area. Sustained strength above that could trigger a short-term rally towards the $1,962-$1,964 barrier, on the way to the supply zone of $1,970-$1,972.
Comment:
Friday, the U.S. Department of Commerce said its core Personal Consumption Expenditures price index increased 0.3% last month, compared to April's increase of 0.4%. The inflation rose in line with economists' expectations.
Meanwhile, inflation in the last 12 months rose 4.6%, down a tick from April's 4.7% increase. Annual inflation was slightly cooler than expected as economists forecasted an unchanged reading. However, looking at the broader trend, inflation remains stubbornly high, more than double the Federal Reserve's target of 2%.
Meanwhile, inflation in the last 12 months rose 4.6%, down a tick from April's 4.7% increase. Annual inflation was slightly cooler than expected as economists forecasted an unchanged reading. However, looking at the broader trend, inflation remains stubbornly high, more than double the Federal Reserve's target of 2%.
Comment:
Retail trader data shows that 73.17% of traders are currently buying gold, with a long to short ratio of 2.73 to 1. The number of traders buying gold is 4.30% lower than yesterday and 2.28% lower than last week. On the other hand, the number of traders selling gold is 3.67% higher than yesterday and 4.74% higher than last week.
While most traders are buying gold, our contrarian view suggests that gold prices may continue to decline. However, it's worth noting that the number of traders buying gold has decreased compared to yesterday and last week. This change in sentiment indicates that the current downward trend in gold prices may soon reverse, despite the fact that traders are still mostly buying gold.
While most traders are buying gold, our contrarian view suggests that gold prices may continue to decline. However, it's worth noting that the number of traders buying gold has decreased compared to yesterday and last week. This change in sentiment indicates that the current downward trend in gold prices may soon reverse, despite the fact that traders are still mostly buying gold.
✅Buy order in the $1,899-$1,903 price zone when the support zone is approached.
✖️Stoploss: $1,895.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!