Gold fell after the FED kept interest rates unchanged in June

Jun 13, 2024

💥Gold prices (XAU/USD) gained positive traction for the third straight day on Wednesday and touched a new weekly high, around the $2,341-$2,342 region as US consumer inflation figures softened slightly.

💥Gold then fell sharply after data from the US Federal Reserve (FED) signaled there would only be one interest rate cut this year. in a context where inflation is still far from target.

💥The change in the Fed's forecast led to a slight increase in US Treasury yields, supporting the US Dollar (USD) after its overnight bounce from multi-day lows and further weakening prices. Yellow

💥Gold support is approaching at 2282. Gold prices could accelerate the decline after the $2,285 horizontal support is broken. That said, any further decline is likely to find some Support near the $2,300 mark before the $2,285 horizontal zone. Some further selling activity will be seen as fresh trigger for bearish traders and leave XAU/USD vulnerable to accelerating the decline towards the next relevant support near the $2,254-2,253 region. If gold trades above 2325 today, it will soon find higher levels such as yesterday's peak resistance area at 2340 and higher at 2355.

Jun 13, 2024

Note

Support: 2305 - 2291 - 2286 - 2280- 2274
Resistance: 2317 - 2321 - 2325 - 2333 - 2338

SELL scalp 2325 - 2327 stoploss 2330

BUY price range 2282 - 2280 stoploss 2276

SELL price range 2336 - 2338 stoploss 2342