GOLD (June 28) Risk of $1,900 drop, Fed & ECB ramp up inflation
Inflation won't disappear as the European Central Bank and Federal Reserve double their calls to raise interest rates amidst hopes of price stability. The gold market is facing a downturn, with prices at risk of dropping below $1,900 in the short term.
Expectations of future interest rate hikes, particularly in the US, may continue to dampen sentiment in the gold market. This situation is unlikely to improve at the moment as central bank governors at a recent conference in Sintra, Portugal, may adopt a more hawkish tone.
From a technical standpoint, the immediate support level for gold is $1,917. In order for a more significant decline to occur, there needs to be a sharp drop below this level. The next levels to watch are $1,900 and $1,877, which provide further support.
Expectations of future interest rate hikes, particularly in the US, may continue to dampen sentiment in the gold market. This situation is unlikely to improve at the moment as central bank governors at a recent conference in Sintra, Portugal, may adopt a more hawkish tone.
From a technical standpoint, the immediate support level for gold is $1,917. In order for a more significant decline to occur, there needs to be a sharp drop below this level. The next levels to watch are $1,900 and $1,877, which provide further support.
Comment:
⭐️Make a trading plan:
✅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 !!!
✅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 !!!
Comment:
"The only thing we decided was not to raise rates at the June meeting," Powell said during a panel in Sintra, Portugal. "I wouldn't take moving at consecutive meetings off the table at all."
Comment:
Gold prices are currently experiencing a monthly downtrend, recently breaking below the support level around $1,905. If the XAU/USD price continues to decrease, it could challenge the established downtrend channel by breaking the weakness of the $1,905 support level. Therefore, the bearish camp needs to confirm a bottom around $1,900 to regain control.
On the other hand, the recent resistance level at $1,955 seems puzzling for gold buyers. This suggests that a declining resistance line has been in place for the past eight days, with the most recent resistance level being around $1,930, limiting any immediate price increases in gold.
On the other hand, the recent resistance level at $1,955 seems puzzling for gold buyers. This suggests that a declining resistance line has been in place for the past eight days, with the most recent resistance level being around $1,930, limiting any immediate price increases in gold.
Trade active:
🟢Strategy BUY Runnings + 40pips !!!
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.
In Europe, ECB President Christine Lagarde warned that inflation is now in a new phase and could linger for some time, signaling more rate hikes to come.