GOLD bank holiday!! slight recovery in gold price in early JulyThe current stance of central banks favoring tighter monetary policies is expected to hinder the rise of gold prices. Additionally, the likelihood of a 25 basis points rate hike at the upcoming FOMC meeting, coupled with a more aggressive approach taken by major central banks, is likely to continue exerting pressure on the non-yielding gold price. Furthermore, the recent surge in global equity markets, indicating a higher appetite for risk, is expected to further limit the upward potential for gold, which is typically seen as a safe-haven asset. Therefore, it would be wise to wait for significant buying momentum before confirming that the XAU/USD has reached a short-term bottom and considering any substantial upward movement.
This week, it is predicted that the gold price is still recovering slightly, sideways around the $1910 - $1950 mark
Set up SELL GOLD price zone at: $1930 - $1932 sl $1945
Based on technical analysis indicators EMA 34, EMA 89 , resistance at $1930
