GOLD 27/6!! The bulls are still trying to hold the price around Gold price struggles to make any significant progress on Tuesday and trades within a narrow range, just above the $1,920 level during the Asian session. The XAU/USD pair remains close to a three-month low reached last Friday and could potentially drop below the 100-day Simple Moving Average (SMA).
The upside for Gold price is limited by the hawkish stance of major central banks. The initial market reaction to the failed mutiny in Russia over the weekend was short-lived due to the strong stance taken by these central banks. It is important to note that the Reserve Bank of Australia (RBA) and the Bank of Canada (BoC) surprised the market by raising interest rates by 25 basis points earlier this month. Additionally, the European Central Bank (ECB) raised rates to the highest level in 22 years last week. Furthermore, the Bank of England (BoE), the Swiss National Bank (SNB), and Norges Bank increased their benchmark interest rates last Thursday.
Gold price prediction today is still sideways around $1910 - $1950, the downtrend still prevails
SELL GOLD zone at: $1940 - $1943 SL $1953
Based on technical analysis indicators EMA 34, EMA 89 with strong resistance zone $1940 - $1943
