GOLD (June 29) 'Higher and longer' 2% target of the central bank
Fed Chair Powell has signaled that two consecutive 25-basis-point interest rate hikes are inevitable. According to CME's FedWatch tool, there is a 79.4% probability of the first hike occurring in July. This has put pressure on gold prices, causing a three-day consecutive decline, with August futures hitting a low of $1.911. This is the lowest gold has traded since March.
As of 5:37 PM, the price of gold futures is fixed at $1,916, reflecting a decrease of $7.30 or 0.38%. The strength of the US dollar is a major factor in today's decline, with the dollar rising by 0.53% to a fixed index of 102.665. Meanwhile, silver futures have dropped nearly 1% today and are currently fixed at $22.74.
At the annual forum of the European Central Bank in Sintra, Portugal, Chair Powell, ECB President Lagarde, Bank of England Governor Baile, and Bank of Japan Governor Ueda all agreed on the collective goal of reducing inflation to the target rate of 2%.
As of 5:37 PM, the price of gold futures is fixed at $1,916, reflecting a decrease of $7.30 or 0.38%. The strength of the US dollar is a major factor in today's decline, with the dollar rising by 0.53% to a fixed index of 102.665. Meanwhile, silver futures have dropped nearly 1% today and are currently fixed at $22.74.
At the annual forum of the European Central Bank in Sintra, Portugal, Chair Powell, ECB President Lagarde, Bank of England Governor Baile, and Bank of Japan Governor Ueda all agreed on the collective goal of reducing inflation to the target rate of 2%.
Comment:
🟢Operational strategy
Trade active:
🟢Strategy BUY Runnings + 40pips !!!
Comment:
⭐️Make a trading plan:
✅Buy order in the $1,884-$1,887 price zone when the support zone is approached.
✖️Stoploss: $1,880.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!
✅Buy order in the $1,884-$1,887 price zone when the support zone is approached.
✖️Stoploss: $1,880.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!
Comment:
From a technical standpoint, further selling below the $1,900 mark could trigger a price decline for Gold. The daily chart indicators are currently in negative territory, and it may take some time before they reach oversold levels. In that case, Gold prices could quickly drop to the $1,876-$1,875 range.
On the other hand, any positive move above the $1,912-$1,913 range or the current Asian session high could face resistance near the $1,924-$1,925 area before reaching $1,936. A sustained upward momentum could lead to a short-term rally towards the barrier at $1,962-$1,964, on the way to the supply zone at $1,970-$1,972.
On the other hand, any positive move above the $1,912-$1,913 range or the current Asian session high could face resistance near the $1,924-$1,925 area before reaching $1,936. A sustained upward momentum could lead to a short-term rally towards the barrier at $1,962-$1,964, on the way to the supply zone at $1,970-$1,972.
✅Buy order in the $1,899-$1,903 price zone when the support zone is approached.
✖️Stoploss: $1,895.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!