GOLD (May31) Optimistic debt ceiling reverses Gold price
The financial market immediately reacted to the news that President Biden and House Speaker McCarthy had reached an agreement to raise the debt ceiling to $31.4 trillion in January, which affected the valuation of assets. As a result, the US dollar decreased in value and the US bond yields decreased.
The 10-year treasury yield fell to 3.697%, a 10.7 basis point drop. The US dollar is currently fixed at 103.965, down 0.16%. The lower yields and weakness of the US dollar have greatly supported higher gold prices. After trading at a low of $1,931, gold futures rebounded and were trading at $1,958 as of 5:15 PM EDT, up $14.60.
The 10-year treasury yield fell to 3.697%, a 10.7 basis point drop. The US dollar is currently fixed at 103.965, down 0.16%. The lower yields and weakness of the US dollar have greatly supported higher gold prices. After trading at a low of $1,931, gold futures rebounded and were trading at $1,958 as of 5:15 PM EDT, up $14.60.
Comment:
⭐️Make a trading plan:
✅Buy order in the $1,951-$1,949 price zone when the support zone is approached.
✖️Stoploss: $1,945.
✅Sell the $1,968-$1,970 range when the price hits the resistance area.
✖️Stoploss: $1,976.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!
✅Buy order in the $1,951-$1,949 price zone when the support zone is approached.
✖️Stoploss: $1,945.
✅Sell the $1,968-$1,970 range when the price hits the resistance area.
✖️Stoploss: $1,976.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!
Comment:
🟢Success strategy !!!
The 100-day moving average for gold is now fixed at $1,939, which should provide technical support between $1,941 and $1,948. The next technical support level below that is $1,915 based on the Fibonacci retracement level of 61.8%.
Today's technical indicators suggest a potential reversal in gold's upward trend, including a move back above the 100-day moving average and the 50% retracement level.