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Gold price at the end of June is at the lowest level in the pastThe XAU/USD pair is facing downward pressure due to the modest strength of the US Dollar. Federal Reserve Chair Jerome Powell has indicated that two rate increases may occur this year, including the possibility of one at the upcoming policy meeting. Powell also stated that inflation is unlikely to reach the Fed's 2% target until 2025. These factors have contributed to the US Dollar remaining strong, which has put additional pressure on the price of Gold. However, concerns about the negative impact of rising borrowing costs on the economy may prevent traders from making significant bearish bets on the safe-haven precious metal. This could help limit further losses, at least for now. Gold Price Prediction: XAU/USD remains stable above $1,900, US PCE Price Index anticipated to provide new momentum. Set up SELL GOLD zone at: $1920 - $1923, sl 1933 Based on the Fibonaccy technical analysis line, the strong resistance is at the $1920-$1923 zone and sell
OANDA:XAUUSDShort
by DNA_TradingFX
14
Gold price in the last days of June !! 29/6 GOLDGold prices remained subdued on Wednesday as the U.S. dollar gained strength following hawkish remarks made by Jerome Powell at a central banking forum hosted by the ECB. By late afternoon, the XAU/USD was down by approximately 0.15% to $1,910, approaching its lowest level since March 15 and heading towards a monthly decline of over 2.5%. During a panel discussion in Sintra, the FOMC chief highlighted that the bank's policy-setting might not be restrictive enough. He emphasized that a majority of Fed officials support raising borrowing costs twice more in 2023. While some traders are skeptical about the possibility of an additional 50 basis points of tightening this year, this scenario should not be disregarded. Despite some doubts, the U.S. economy has shown remarkable resilience thus far, and traders should not underestimate its strength. However, if incoming data continues to surpass expectations, policymakers will be compelled to move forward with their plans to raise the terminal rate to address persistent inflationary pressures. downtrend is still strong, you can buy sell at: SELL GOLD zone at: $1924 - $1926 sl $1936 In the short term, you can wait for the price to recover 1 beat and then sell. Based on technical indicators EMA 34, EMA 89 to determine the resistance point $1926
OANDA:XAUUSDShort
by DNA_TradingFX
19