GOLD 28/6 - Can the bulls hold the $1900 mark?The US Dollar experienced significant gains towards the end of last week as the Federal Reserve adjusted its perception of the interest rate trajectory.
The reaction of Treasury yields will play a crucial role in determining the outcome. If they surpass the inflation rates priced in by the market, real yields may increase slightly, potentially leading to a decline in gold prices.
Although there seems to be a double bottom pattern forming for gold at the H4 timeframe, confirmation of this pattern requires the market to break through the resistance level at $1932. Once this barrier is breached, the short-term target for gold would be $1950.
We will be monitoring the resistance level at the H4 EMA 34 for a potential selling opportunity.
SELL GOLD zone at: $1926 - $1928 - $ SL $1934 (It is best to carefully review the FOMC news before entering the order)
SELL GOLD zone at: $1942 - $1945 SL $1953
Based on technical analysis indicators EMA 34, EMA 89 with strong resistance zone $1940 - $1943
