GOLD (May 29) wobbles when inflation soars

Gold has given up some of its gains on Friday and is on its third consecutive weekly decline due to the possibility of a last-minute debt ceiling deal and higher-than-expected US inflation, which is likely to keep interest rates higher for longer. Spot gold rose 0.1% to $1,943 at 1:40 pm EDT (5:40 pm GMT) after rising 0.9% in the session.

Meanwhile, US gold futures were almost unchanged at $1,944. The White House and Republican lawmakers aim to complete the final steps of a two-year debt ceiling agreement. Gold hit a two-month low of $1,936 in Asian trading hours and is expected to lose 1.7% in the week.

The Personal Consumption Expenditures (PCE) inflation measure, which the Federal Reserve uses to track its 2% inflation target, rose 4.4% YoY in April after rising 4.2% in March. Traders believe that the Fed will increase rates for the 11th consecutive time in June. This will make gold less attractive as it does not offer any yield.

Comment:

⭐️Make a trading plan:

✅Sell ​​the $1,961-$1,958 range when the price hits the resistance area.
✖️Stoploss: $1,965.

Comment:

⭐️Make a trading plan:

✅Buy Scalping order in the $1,944-$1,942 price zone when the support zone is approached.
✖️Stoploss: $1,940.

Comment:

🟢The signal is not broken :)). Enter buy order 1,942 move Stoploss to take profit

Comment:

🟢Try to take profit at the sell entry

Comment:

🟢Success strategy