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The market has tilted towards the greenback following the releasGold prices are forecast to fluctuate strongly in the remaining days of the week. In the short term, the precious metal's support level is 2,300 USD/ounce and the resistance level is 2,340 USD/ounce. This precious metal is attracting money managers and hedge funds. Look at this need Fed Governor Michelle Bowman on Tuesday reiterated her view that keeping policy rates steady “for a while” will likely be enough to control inflation, but also reiterated that she is open to increasing spending Loan fees if necessary. The market has tilted towards the greenback after the release of economic data highlighting the resilience of the US economy, creating an opportunity for the Fed to maintain high interest rates for longer.
OANDA:XAUUSDShort
by NicoTradingMaster
Gold price today: Strong decreaseHello everyone, let's find out today's gold price and see what changes! Currently, gold has just undergone a fairly strong price correction at the end of yesterday. Accordingly, the precious metal quickly plummeted from 2320 USD to the psychological level of 2300 USD and is currently trading around the threshold of 2297 USD. Accordingly, gold is receiving support around this support level but it is still controlled by the bears. Technical indicators and trend factors are still in favor of sellers and according to DOW theory, gold's target is to find the fibonacci take-profit level of 1.618. Let's wait for gold's downward move after it breaks out of the current support level!
OANDA:XAUUSDShort
by HamedMarkets
XAU weakens as USD risesGold prices continue to be influenced mainly by US interest rate expectations. And the stability in recent sessions reflects the lack of strong signals on the Fed's monetary policy. World gold prices plummeted as the USD continued to demonstrate its strength compared to most other currencies in the world Gold price dropped sharply mainly due to the increase in USD price. DXY index The Fed still follows the trend of delaying interest rate cuts to wait for US macro signals, especially inflation data. Investors are waiting for information about the personal consumption expenditure price index (PCE), expected to be announced this Friday. This is an important measure of the health of the US economy, Gold futures prices recorded modest gains at the beginning of the week, mainly due to the weakening of the USD. The USD index dropped quite sharply, contributing significantly to the rise of gold. Investors are preparing for a busy final week of the month with several important economic reports due for release.
OANDA:XAUUSDShort
by NicoTradingMaster
2
USDJPY eases within the bullish channel, sellers await 159 breakUSDJPY defends the previous day’s retreat from a two-month high as traders await Tuesday’s US Confederation Board’s (CB) Consumer Confidence figures for June. In doing so, the Yen pair remains mildly offered between the upper line of a seven-week-old rising trend channel and an upward-sloping previous resistance line stretched from early May. It’s worth noting, however, that the RSI’s pullback from the overbought territory joins a receding bullish power of the MACD signals to suggest further declines of the quote. The same highlights the aforementioned resistance-turned-support line surrounding 159.00 as a break of which will welcome sellers targeting a two-month-old horizontal support zone surrounding 157.90-70. However, the bears should remain cautious unless witnessing a daily closing beneath the 156.30 support confluence comprising the 50-SMA and bottom line of the previously stated bullish trend channel. Following that, the quote’s weakness toward the monthly low of 154.52 can’t be ruled out. On the contrary, USDJPY bulls should wait for a clear rejection of the bullish trend channel by providing a daily closing beyond 160.00. Even so, the yearly high of 160.20 and the 1990 peak surrounding 160.40 will join the overbought RSI conditions to challenge the buyers before directing them to the 161.00 round figure. If the Yen pair remains firmer past 161.00, the late 1986 peak of around 163.95 and 164.00 will be on the buyer’s radar. Overall, USDJPY remains in the bullish trajectory despite the likelihood of a short-term pullback in the prices.
by MTradingGlobal
GBPUSD Sell strategy?Hello everyone! What are your thoughts on GBPUSD today? From our chart analysis, it's evident that this currency pair is under bearish pressure. It has recently broken below the ascending trendline and is currently in a downtrend wave. Currently trading at 1.266, I believe GBPUSD might gain some short-term bullish momentum from the support around this level. However, it is likely to resume its downward trend after completing a retracement to the 0.5 - 0.618 Fibonacci levels. My target for this scenario is 1.252. What about you? Do you agree with this analysis, or do you have a different perspective?
Short
by HamedMarkets
Evaluate the strategy and outlook for gold prices today!Current Trend: The 4-hour chart shows gold in a short-term uptrend. The price is above the EMA 34 and EMA 89, showing that the upward momentum is still strong. Critical Support Zone: 2,335 USD - 2,333 USD, coincident with the EMAs, acting as a strong support zone. Key Resistance: $2,387 is the resistance to watch out for. If the price breaks this level, the uptrend could be further strengthened. Trading strategies: Buy: When the price adjusts to the support area around 2,335 USD and shows signs of rebounding. Sell: When the price approaches the resistance level of 2,387 USD and shows signs of strong rejection.
OANDA:XAUUSDLong
by HamedMarkets
Gold price creates new breakthrough!At the start of the trading session on June 21st, gold prices saw an uptick, spurred by market anticipations of an impending rate cut from the U.S. Federal Reserve, following weaker-than-expected retail sales data earlier in the week. While gold may have lost some of its upward momentum, the overall market sentiment remains largely optimistic. Numerous hedge funds have pivoted towards gold, which has helped maintain a solid support level at $2,300 per ounce. A significant pillar bolstering the gold market is its status as a safe-haven asset, providing a hedge against risk amid ongoing global geopolitical instability. Gold Price Forecast The gold market is poised for a resurgence as the Federal Reserve's monetary policy becomes more defined. With an expected shift in policy direction, investment demand from the West is likely to increase, potentially setting the stage for gold to soar.
OANDA:XAUUSDLong
by HamedMarkets
3
USDJPY: Outlook is still bullish!USD/JPY is trading near 159.00 early Friday, below its highest level since April. Japan's verbal intervention provides support for the Japanese Yen amid BoJ uncertainty over interest rate hikes and mixed national CPI data. US Dollar recovery slows ahead of key PMI data. From a purely technical standpoint, the trend is bullish across all timeframes and with the saying that “the trend is your friend” it is more likely to continue higher. USD/JPY is currently trading at 158.50 as it continues to rise in the ascending channel.
by HamedMarkets
Gold braces for consecutive second weekly gain, focus on $2,390Gold price seesaws at the highest level in a fortnight early Friday, after rising the most in five weeks the previous day. That said, a successful breakout of the 50-SMA and a downward-sloping resistance line from May 20 backed the precious metal’s run-up on Thursday. Apart from that, upbeat RSI and bullish MACD signals also keep the XAUUSD buyers hopeful of witnessing the second consecutive weekly gain. With this, a two-month-old horizontal resistance area surrounding $2,390 gains major attention, a break of which will allow bulls to aim for the $2,400 and the $2,410 levels ahead of challenging the record high of around $2,450. Meanwhile, a convergence of the 50-SMA and aforementioned trend line stretched from May, close to $2,344 at the latest, appears the key support to watch during the Gold price decline. Following that, the $2,300 threshold and an 11-week-long rising support line of near $2,293 will be the last defense of the XAUUSD buyers. It’s worth noting that the monthly of $2,286 and May’s low surrounding $2,277 will act as additional downside filters before giving control to the bears. To sum up, the Gold buyers are well in control but the upside room appears limited.
OANDA:XAUUSD
by MTradingGlobal
EURUSD strategy: Should Buy or Sell !On Wednesday, EUR/USD experienced an uptick as the U.S. markets took a mid-week holiday break. As we move into the second half of the trading week, investors are looking ahead to the Friday PMI data for meaningful insights that could steer market sentiment. Despite the recent recovery, uncertainty lingers. The pair is still facing significant resistance and a downward trendline. Keep an eye on these levels – if EUR/USD breaks through the resistance, a buying opportunity could emerge. Conversely, if the resistance holds, selling might be the better strategy. Stay tuned and watch those key levels closely!
by HamedMarkets
EURUSD: Still discounted!Hello traders! 👋 As we approach the end of the trading week, EURUSD remains in the red on this Friday, currently hovering around the 1.071 mark. The outlook remains bearish as the pair continues to trade within a tightening wedge pattern, and both the EMA 34 and EMA 89 are favoring the sellers. Key Observations: Current Level: EURUSD is trading near 1.071, struggling to find upward momentum. Bearish Wedge Pattern: The pair is confined within a narrowing wedge, indicating potential for further downward movement. EMA Indicators: Both the 34-day EMA and 89-day EMA are aligning with the bearish trend, providing additional resistance to any bullish attempts. Trading Outlook: With the prevailing bearish sentiment and technical indicators supporting the sellers, the focus remains on short positions. Stay vigilant and consider these factors in your trading strategy. Happy tradi
by HamedMarkets
1
Gold buying strategy is preferredDear traders! Gold price today recorded a slight recovery, the price moved to 2337 USD and in the short term is still supporting this upward movement when from the precious metal analysis chart, it has reached an important resistance level and Get momentum when breaking the trendline. It is expected that after the trend adjustment, the price will continue to go up, the Buy target and strategy are prioritized in that case. Plan transaction on June 20 👨‍💻 XAUUSD BUY zone 2328 - 2325 🔹SL 2322 🔹TP 2334 - 2340 - 2350 Wishing you Full City 💵💵
OANDA:XAUUSDLong
by HamedMarkets
3