GOLD (May 29) approaching the $1.930 support level
Gold prices started the week with a decline, with spot gold dropping $2.5 from last week's close to $1,943. Positive macroeconomic data and higher-than-expected inflation figures have led the market to reassess its expectations of a Fed interest rate hike.
According to the FedWatch CME tool, the market predicts a 64% chance of a 25-basis-point rate hike at the June 13-14 meeting. Despite the possibility of a rebound in gold prices due to Monday's decline at major trading borders, the overall sentiment remains bearish due to the Fed's hawkish stance and concerns about U.S. debt.
If gold prices remain above $2,000, attention will be paid to the monthly high of around $2,050 and the recent record high of $2,080.Closing shops below resistance level at $1,954 is not an invitation for gold sellers because the downward trend of gold prices since November 2022, near $1,930, could challenge bears before they take control. In summary, the path to gold dominance is still far away.
According to the FedWatch CME tool, the market predicts a 64% chance of a 25-basis-point rate hike at the June 13-14 meeting. Despite the possibility of a rebound in gold prices due to Monday's decline at major trading borders, the overall sentiment remains bearish due to the Fed's hawkish stance and concerns about U.S. debt.
If gold prices remain above $2,000, attention will be paid to the monthly high of around $2,050 and the recent record high of $2,080.Closing shops below resistance level at $1,954 is not an invitation for gold sellers because the downward trend of gold prices since November 2022, near $1,930, could challenge bears before they take control. In summary, the path to gold dominance is still far away.
Comment:
⭐️Wait for the Sell signal according to this strategy
⭐️Wait for the Sell signal according to this strategy
✅Buy order in the $1,934-$1,932 price zone when the support zone is approached.
✖️Stoploss: $1,929.
✅Sell the $1,961-$1,958 range when the price hits the resistance area.
✖️Stoploss: $1,965.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!