Gold there is a risk of a deeper decrease in the near future
The world gold price stood at $1,915, down $12 compared to the same hour last morning.
Rising bond yields have put downward pressure on gold. This morning, the yield on the US 10 Treasury note rose to 3.83%, increasing the opportunity cost of holding non-yielding assets like gold.
Experts forecast gold has a risk of falling to $ 1,900 / ounce in the short term as the US Federal Reserve (Fed) and European Central Bank (ECB) continue to commit to additional interest rate hikes. rate in re-compatibility The goal of achieving the goal of price stability.
Rising bond yields have put downward pressure on gold. This morning, the yield on the US 10 Treasury note rose to 3.83%, increasing the opportunity cost of holding non-yielding assets like gold.
Experts forecast gold has a risk of falling to $ 1,900 / ounce in the short term as the US Federal Reserve (Fed) and European Central Bank (ECB) continue to commit to additional interest rate hikes. rate in re-compatibility The goal of achieving the goal of price stability.
Comment:
"The only thing we decided was not to raise rates at the June meeting," Powell said during a panel in Sintra, Portugal. "I wouldn't take moving at consecutive meetings off the table at all."
Trade active:
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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.
Comment:
On the inflation front, the PCE price index was relatively unchanged, rising 4.1%, compared to the previous estimate of 4.2%. Core PCE, which strips out volatile food and energy prices, was a tick lower than expected, rising 4.9%, compared to consensus forecasts of 5.0%.
Comment:
From a technical standpoint, the round number $1,900 is currently acting as immediate support, with overnight lows fluctuating around $1,893-$1,892. Further selling activity could confirm negative prospects and potentially push Gold prices down towards the challenging level of $1,840.
On the other hand, any positive move above the $1,913 level or an overnight high could face resistance near the $1,924-$1,925 range, before reaching the $1,936 area. Sustained strength above that could trigger a short-term rally towards the $1,962-$1,964 barrier, on the way to the supply zone of $1,970-$1,972.
On the other hand, any positive move above the $1,913 level or an overnight high could face resistance near the $1,924-$1,925 range, before reaching the $1,936 area. Sustained strength above that could trigger a short-term rally towards the $1,962-$1,964 barrier, on the way to the supply zone of $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 !!!