GOLD (June 1) defend the rally rally around $1,960
Gold prices are defending their previous recovery level at $1,960 as the USD attempts a slight recovery following the US House of Representatives passing a debt deal to prevent a US default.
Gold saw two-way price action yesterday, although it is consolidating recent recovery momentum until Thursday this week. Federal Reserve officials' statements on Wednesday have caused investors to assess prospects of the Fed pausing rate hikes this month.
Philadelphia Federal Reserve Bank President Patrick Harker supports a pause at the next meeting. Fed Governor Lael Brainard said that pausing rate hikes at the next FOMC meeting would give time to analyze more data before making a decision on further tightening.
US ISM Manufacturing PMI and its sub-indexes will also be closely watched by gold traders for fresh clues on the Fed's rate outlook. The headline ISM manufacturing PMI figure is expected to be seen.
Gold saw two-way price action yesterday, although it is consolidating recent recovery momentum until Thursday this week. Federal Reserve officials' statements on Wednesday have caused investors to assess prospects of the Fed pausing rate hikes this month.
Philadelphia Federal Reserve Bank President Patrick Harker supports a pause at the next meeting. Fed Governor Lael Brainard said that pausing rate hikes at the next FOMC meeting would give time to analyze more data before making a decision on further tightening.
US ISM Manufacturing PMI and its sub-indexes will also be closely watched by gold traders for fresh clues on the Fed's rate outlook. The headline ISM manufacturing PMI figure is expected to be seen.
Trade active:
🟢Success strategy !!!
✅Buy order in the $1,933-$1,935 price zone when the support zone is approached.
✖️Stoploss: $1,930.
✅Sell the $1,984-$1,982 range when the price hits the resistance area.
✖️Stoploss: $1,987.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!