GOLD (July 3) Above $1,900 despite two looming rate hikes
Gold has bounced back after reaching the $1,900 mark, avoiding a significant sell-off. Despite ending the second quarter with an over $80 drop, the current price of gold futures for August on the Comex exchange is $1,925, showing a 0.41% increase. The decline in gold prices has been gradual and steady, with no sudden drops. Moreover, gold has held steady at the important psychological level of $1,900.
Federal Reserve Chair Jerome Powell's message of at least two more rate hikes this year filtered through the market, weighing gold down and pushing the U.S. dollar higher. But the fact that prices have not fallen below $1,900 an ounce shows resilience in the gold market, with increasing sentiment that the equity rally won't last.
Federal Reserve Chair Jerome Powell's message of at least two more rate hikes this year filtered through the market, weighing gold down and pushing the U.S. dollar higher. But the fact that prices have not fallen below $1,900 an ounce shows resilience in the gold market, with increasing sentiment that the equity rally won't last.
Trade active:
🟢Strategy BUY Runnings + 110pips !!!
Comment:
The future of gold bears has short-term technical advantages. The price has been on a two-month downward trend on the daily bar chart. The next target for the bulls is to close above a strong resistance level at $2,000. The next short-term target for the bears is to push the futures contract price below a solid technical support level at the lowest point in February, which is $1,846. The first resistance level currently seen is $19.39, followed by $1,950. The first support level currently seen is $1,917, followed by $1,900.
Comment:
⭐️Make a trading plan:
✅Sell the $1,941-$1,938 range when the price hits the resistance area.
✖️Stoploss: $1,945.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!
✅Sell the $1,941-$1,938 range when the price hits the resistance area.
✖️Stoploss: $1,945.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!
Comment:
⭐️Make a trading plan:
✅Sell the $1,926-$1,923 range when the price hits the resistance area.
✖️Stoploss: $1,930.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!
✅Sell the $1,926-$1,923 range when the price hits the resistance area.
✖️Stoploss: $1,930.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!
Trade closed: target reached:
🟢Signal of successful operation !!!
✅Buy order in the $1,910-$1,913 price zone when the support zone is approached.
✖️Stoploss: $1,905.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!