GOLD (June 22) Continuing decline, risk of mass sell-off
INTERNATIONAL GOLD PRICES REACH $1,933, with 77% likelihood of a 0.25% interest rate increase by the Fed in July, according to CME Fedwatch. If rates rise, gold prices may decline as it is a non-yielding asset.
However, increasing demand for safe-haven assets and jewelry could drive gold prices up. FOMO will dominate the gold market until an economic recession in the second half of the year, leading to a sell-off in the stock market.
However, increasing demand for safe-haven assets and jewelry could drive gold prices up. FOMO will dominate the gold market until an economic recession in the second half of the year, leading to a sell-off in the stock market.
Comment:
Technically, August gold futures prices hit a three-month low early on today. Bulls have lost their slight overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.
Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,90. First resistance is seen at today’s high of $1,950 and then at $1,960. First support is seen at today’s low of 1,929 and then at $1,920.
Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,90. First resistance is seen at today’s high of $1,950 and then at $1,960. First support is seen at today’s low of 1,929 and then at $1,920.
Trade active:
🟢Operational strategy
✅Buy order in the $1,924-$1,926 price zone when the support zone is approached.
✖️Stoploss: $1,920.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!