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GC1! (Gold Futures)

GOLD approaching 2,340USD, technical outlook analysisOn Thursday (June 20) in the Asian market, spot gold suddenly increased sharply in the short term. Gold price once approached the mark of 2,340 USD/ounce, increasing nearly 11 USD during the day. Regarding basic content, there is currently no sudden impact on the market. Earlier Data released on Tuesday showed US retail sales barely grew in May, with last month's data revised down sharply, suggesting economic activity remained sluggish in the second quarter. CME's FedWatch tool shows that the likelihood of the Fed cutting interest rates in September increased slightly to 64.1% from 61% a day earlier. In terms of the overall fundamental picture, the main factor shaping the gold price trend remains the market's expectations for the Federal Reserve's monetary policy. Although gold prices have increased, the current trend is still unclear because the market is waiting for more decisive news. The basic principle is that lower interest rates reduce the opportunity cost of holding non-interest-bearing gold, meaning gold prices will benefit when interest rates are lower or expectations of interest rate cuts become stronger. The market is expecting at least one interest rate cut from the Fed. The value of the US Dollar has been fully valued in this. So unless this changes significantly, gold prices are expected to remain supported for a long time to come. However, with a trading week that sees little major macro data, the immediate focus will be on US weekly jobless claims data on Thursday and preliminary PMI figures on Thursday. Analysis of technical prospects for OANDA:XAUUSD Gold is still maintaining its recovery momentum from the $2,300 level and is now once again testing the technical confluence that is the pressure sent to readers in previous publications in the $2,340 - $2,345 area. This is the price area of ​​the 0.236% Fibonacci retracement level, the 21-day moving average (EMA21) and the upper edge of the trend price channel, horizontal resistance of 2,345USD. As long as gold remains below EMA21 and within the price channel, the technical outlook remains more bearish. On the other hand, if gold falls below $2,324 it will continue to tend to retest the $2,300 - $2,305 area in the short term. Next, a new bearish cycle will be ushered in once the $2,300 level is broken below. It is worth noting that in case the gold price moves above the EMA21, breaking the price channel, the bearish outlook will no longer be positive, but instead the increase could head towards 2,364USD in the short term and more than that. original price 2,400USD. So, for open short positions should be protected behind EMA21, after the $2,345 level is broken. During the day, the technical outlook for gold prices leans to the downside with the following technical levels noted. Support: 2,324 – 2,305 – 2,300USD Resistance: 2,340 – 2,345USD 🪙SELL XAUUSD | 2356 - 2354 ⚰️SL: 2360 ⬆️TP1: 2349 ⬆️TP2: 2344 🪙BUY XAUUSD | 2304 - 2306 ⚰️SL: 2300 ⬆️TP1: 2311 ⬆️TP2: 2316
OANDA:XAUUSD
by Xayah_trading
1
GC1! / Gold / Xau - Idea I.Hey Guys… Yearly Chart: Bullish Engulfing Pattern 2367 and 2283 are important Yearly FIB levels to watch Above we find 2485 and 2543 Below we find 2230 and 2150 Quarterly Chart: Bearish Star? -> Q3 will tell. -> Stochastics at level 90 monthly: a little weakness after the Rallye - 2 Stars and an Inside Bar - Stachastic is OB and turning. Will be happy to take a reversal if the signal occurs (using a trading system) 3D: Bullish breakout is generally to be expected. = Neutral to Bullish
COMEX:GC1!
by MeruEU
GOLD recovers from $2,300, limited with main trendOANDA:XAUUSD recovered after falling to $2,300/ounce and rebounded to operate around $2,330/ounce. The yield on 10-year US Treasury bonds remained below 4.3% after the latest US data, helping gold prices rise on demand after the US Dollar weakened. OANDA:XAUUSD rose Tuesday after U.S. economic data showed a weaker-than-expected retail sales report led to curbs on consumer spending. This suggests the Federal Reserve could begin its easing cycle this year. The US Department of Commerce released retail sales data for May that improved compared to April. This data revived investors' hopes for an interest rate cut after the Fed signaled at its meeting. most recent meeting that current monetary policy is appropriate. Other data showed industrial production improved in May but was revised downward in April. In addition to economic data, Fed officials also speak at press conferences • New York Fed President John Williams said interest rates will gradually decline if deflation continues toward the Fed's annual core inflation target of 2%. While dodging questions about a September rate cut, he added: "I think things are moving in the right direction." • Richmond Fed President Thomas Barkin appeared cautious, saying he would need to see more data before easing policy. Later, Boston Fed President Susan Collins said she would not be enthusiastic about improving inflation data, adding that now is not the time to cut interest rates. • New St. Fed President Louis Alberto Mussallem said he needs to see how the deflation process progresses before voting to cut interest rates. He added that he favors raising interest rates if inflation stops, even though that is not his baseline forecast. While most policymakers are neutral, US Treasury yields reflect investors starting to evaluate a rate cut. The yield on 10-year US Treasury bonds fell to 4.219%. In addition to factors such as Macro Data and Fed officials, readers also need to pay special attention to issues such as geopolitical conflicts and precious metal trading activities of leading central banks, which This idea is always reminded through every publication sent to you. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold again recovered from the bearish price target area noticed by readers in previous publications at the support area of ​​2,305 – 2,300 USD. However, the recovery momentum is always limited by the resistance confluence created by EMA21, the 0.236% Fibonacci level and the upper edge of the price channel with the technical point 2,340 - 2,345USD. As long as gold remains below the EMA21 and within the price channel, its technical outlook remains bearish with the condition that a new bearish cycle will be ushered in once the $2,300 raw price level is broken below then target level. The target will be around 2,286 USD in the short term, more than the 2,272 USD price point of the Fibonacci 0.382%. During the day, the technical downtrend of gold prices will be noticed by the following price levels. Support: 2,324 – 2,305 – 2,300USD Resistance: 2,340 – 2,345USD 🪙SELL XAUUSD | 2351 - 2349 ⚰️SL: 2355 ⬆️TP1: 2344 ⬆️TP2: 2339 🪙BUY XAUUSD | 2299 - 2301 ⚰️SL: 2295 ⬆️TP1: 2306 ⬆️TP2: 2311
OANDA:XAUUSD
by Xayah_trading
2
GOLD → Correction before the news. Bears may resist ↓FX:XAUUSD after falling to 2293 is forming a correction before the news as traders are shrugging off fear of unpredictability. Important news ahead that determines the medium term strategy Traders are waiting for US GDP and PCE inflation data. Bullish data against the dollar could hurt the price of gold quite a bit, which could head towards 2220 and get a downward correction phase change to a downtrend. Regulators are still sticking to the fact that inflation is high and it is still hard to fight it. Technically, price is forming a bounce. Local rally is directed towards interest and liquidity: 2315-2325. Possible retest of local resistance before the news, if the general mood does not change, the fall will continue from the above zones. But, a break of the resistance at 2325 will bring the market back to the range boundaries.... Resistance levels: 2315, 2325, 2332 Support levels: 2306, 2397, 2287 Unpredictable news makes trading difficult, but based on the current data the market is bearish, there is no big buyer yet, local data may form a shakeout and increased volatility, after the exhaustion of which traders may return to sell-offs of metal Regards R. Linda!
FX:XAUUSDShort
by RLinda
22
GOLD → An attempt to break H4-D1 support. Fear?FX:XAUUSD is updating the low. The breakdown of the structure confirms the dominant bearish potential. But, the price is moving reluctantly in anticipation of the news. There could be a retest of resistance (trap) before falling. The dollar is strongly bullish. The US market situation is difficult and regulators have hinted more often about rate hike, inflation is uncontrollably rising and this is a negative scenario for the markets. The situation in the Middle East is heating up: the Israeli army continues to pull heavy military equipment to the borders of Lebanon. The intensification of the conflict will increase the interest in gold as a safe-haven asset. At the moment, technically, gold is in a selling zone, as the price is breaking the strong support area H4-D1. A retest is possible before the subsequent fall (if the overall fundamental environment does not change dramatically). Resistance levels: 2326, 2332, 2341 Support levels: 2315, 2306, 2297 Traders are waiting for the US GDP, which will be released tomorrow. Traders expect the DXY to continue its northward course, accordingly, the expensive dollar on gold may have a negative impact... Regards R. Linda!
FX:XAUUSDShort
by RLinda
32
GOLD traded slightly down, main technical trendEntering the first phase of the week, OANDA:XAUUSD decreased slightly due to high US interest rates making gold less attractive. Gold is on the defensive as US Treasury yields rose after Federal Reserve officials maintained a hawkish stance. Even so, the US dollar has not received any significant support, and in foreign exchange trading the Dollar is still weaker than other major correlated currencies. • Fed officials say there will only be one rate cut in 2024, via Minneapolis Fed's Neel Kashkari. Over the weekend, the Minneapolis Fed's Neel Kashkari discussed monetary policy, saying it was "a reasonable forecast that the Fed will ease policy by just 25 basis points (bps) in 2024." That would send US bond yields higher, making holding gold less attractive while the federal funds rate remains elevated. • Fed Harker said that based on his current forecasts, he believes a rate cut this year is appropriate, underscoring the signal that interest rates will likely remain high. “If everything goes as expected, I think a rate cut would be appropriate later this year,” Harker said. The data is fine." So we'll still rely on the data." • Philadelphia Fed President now predicts economic growth will slow but remain above trend and the unemployment rate will increase modestly. He also believes that returning to the Fed's inflation target will be a "long process." • China's central bank paused an 18-month gold purchase, which also put pressure on gold prices. China's central bank's gold holdings held steady at 72.8 million ounces in May. In addition, the market is also paying close attention to upcoming comments from New York Fed President John Williams, Philadelphia Fed President Patrick Harker and Fed Governor Lisa Cook. The US will release retail sales data on Tuesday, initial jobless claims on Thursday and preliminary purchasing managers index (PMI) data on Friday. These data are expected to help investors better understand current consumption levels and economic strength. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold is still trading modestly with a resistance confluence area created by the 0.236% Fibonacci retracement, horizontal resistance at $2,345, the 21-day moving average (EMA21) and the upper edge. The price channel is the main pressure area. Meanwhile, the current technical trend of gold price is still leaning heavily towards the possibility of a price decrease with the main trend from the price channel. In the immediate future, the support levels for gold prices include 2,305 - 2,300 USD. If the original price level of 2,300 USD is broken below, it will open up conditions for a new decline in gold prices with the target at 2,286 USD in the short term. limit and more than the 0.382% Fibonacci level. As long as gold remains within the channel and below the EMA21, its technical outlook remains bearish with notable technical levels listed below. Support: 2,305 – 2,300USD Resistance: 2,324 – 2,340 – 2,345USD 🪙SELL XAUUSD | 2351 - 2349 ⚰️SL: 2355 ⬆️TP1: 2344 ⬆️TP2: 2339 🪙BUY XAUUSD | 2299 - 2301 ⚰️SL: 2295 ⬆️TP1: 2306 ⬆️TP2: 2311
OANDA:XAUUSD
by Xayah_trading
GOLD → Trading inside the range. 2340 zone of interest FX:XAUUSD is not preparing to leave the local ascending channel (the nature of the channel is corrective-consolidation), as traders do not seek premature action before the news The U.S. market is facing another problem: slowing economic growth and rising inflation is leading to recession, no matter how much the authorities deny it. Accordingly, the phase of active currency support may continue and this may have a negative impact on the metal price. Today CB Consumer Confidence - the indicator can give some idea about the mood on the market, but in general traders are waiting for the US GDP, which will be published on Thursday. Neutral data is expected, but there is a high probability that the actual data will be different from the expected... Resistance levels: 2341, 2354 Support levels: 2326, 2315, 2305 The general mood is neutral, the big players are not in a hurry to act and are consolidating. Technically, gold may strengthen to 2340 (area of interest and liquidity) within the range. The bulls may stop the micro rally and turn the price to the support, if the market maker is not enough, the price may strengthen to 2354 before coming back down Regards R. Linda!
FX:XAUUSDShort
by RLinda
6
Gold Macro Analysis - $2400 by JulyGold has been trading in and above the previous ATH zone since April of this year. Large amounts of seller volume was enough to bring us down to $2300 June 7th; however the zone held. We've failed to make either a higher high or a lower low during the last week and we're currently in a tighter consolidation on the daily chart. There's liquidity on both sides, but it's more likely we see a break in the short term downtrend than prices below $2300. $2375 shouldn't offer much resistance, with $2400 being the next psychological price and previous resistance level.
COMEX:GC1!Long
by Coolstud
GOLD fell as the trading week kicked offLast week, world gold prices increased by 1.9% even though the Dollar Index, which measures the strength of the USD against a basket of six other major currencies, increased by 0.6%. Gold prices rose after statistics showing softening inflation in the US reinforced the possibility of the Federal Reserve (Fed) cutting interest rates in September. After the CPI data dropped slightly, PPI also fell from 2.3% to 2.2% year-on-year, increasing the appeal of safe-haven assets as a hedge against inflation. The FOMC maintained its inflation forecast for 2024-2025, but the new dot plot shows at least one rate cut this year, applying some much-needed temporary pressure to gold prices. Net gold positions on the COMEX have gradually declined since a peak on May 21, suggesting waning interest among money managers. XAUUSD retreated from the support zone at around $2,300 with weak momentum and consolidated just below the resistance zone at $2,350. If it sustains above $2,325, the price could test $2,350 and the high set on June 7. However, if it trends below the $2,300 support zone, XAUUSD could drop to the support level. next psychological aid. Support: 2,300 – 2,288USD Resistance: 2,325 – 2,335USD 🪙SELL XAUUSD | 2338 - 2336 ⚰️SL: 2342 ⬆️TP1: 2331 ⬆️TP2: 2326 🪙BUY XAUUSD | 2279 - 2281 ⚰️SL: 2275 ⬆️TP1: 2286 ⬆️TP2: 2291
OANDA:XAUUSD
by Xayah_trading
GOLD → Correction after the rally. Bears still dominateFX:XAUUSD has been strengthening since the opening of the session, buyers are trying to hold the defense above 2325 and redeem part of Friday's fall. Fundamental background remains negative. Idea: GOLD → Bears are engulfing the market. What's next? We discussed a possible rebound and the strength of the bear market. The price consolidation above the strong support at 2326 opens the range for maneuvering and may allow traders to strengthen to 2341 (2354) - the area of interest, the target of such maneuvering may be the liquidity inside the range, formed within Friday's rally by those who tried to catch the departing train. If 2341 will be confirmed and the bears will not let the price go beyond its limits, the market may go into the sell-off phase again. Investors this week are interested in GDP and PCE, which are released in the second half of the week, the first half of the trading week may be relatively quiet. Resistance levels: 2341, 2354 Support levels: 2325, 2315, channel support I expect the correction to continue to the area of liquidity and interest. A major player may gather the rest of the potential before further movement in one direction or the other. Watch the price reaction to the level of 2341, which may determine either a fall or further growth to 2354. Regards R. Linda!
FX:XAUUSDShort
by RLinda
2
Weekend Wizardry On Crude OilRight now It makes no sense in my mind why the market would want to return to being bearish. Yes we are in a premium and after a couple days of upwards movement there can be some stagnent action for traders who like to take more than 25-40 ticks ona single move. So again why would market want to move lower on a htf bases as pointed in my arrows we have a Daily FVG whcih I will be watching price to respect and create a discount in that FVG The wicks from Friday and Monday Daily chart show immediate rebalance and a propell higher is what I am looking for. Given Monday can be opposing price to what Tues and Wed Provide... wink wink Magnet shows my target for next week. to revisit this and whilst in fvg how do we close? Daily fvg CE? I really do look at price on the day to day basis weekly targets yes but this is a subconscious thought when im trading pacific times of the day.
NYMEX:CL1!Long
by IamThattrader
XAUUSD Needs to correct a little more. Timing for buy is crucialLast week (June 18, see chart below), we analyzed Gold (XAUUSD) on the 1D time-frame, clearly stating that the May 20 Channel Down was more likely ready to reject the price on its top (which is what happened) and then make one final pull towards the 1D MA100: This week we want to put that medium-term price action into a longer term perspective, presenting to you the 1W outlook. As you can see the current 1-month correction is nothing but a technical pull-back for the 2-year Channel Up in the form of a Bearish Leg. The 1D MA100 (red trend-line) has been the first line of Support on all of those Legs with the 1W MA50 (blue trend-line) being the 2nd and the 1W MA200 (orange trend-line) the 3rd, which has only made contact once in more than 1.5 years. Since that is now much below the Channel Up, if the 1D MA100 fails to hold, then the next and final in our opinion level of long-term accumulation should be done on the 1W MA50, which is now perfectly located at the bottom of the Channel Up. The similarities between all Bearish Legs RSI (in 1W terms), show however that the 1D MA100 will most likely hold. If it does, then the 1W RSI should break above its MA level (yellow trend-line) and confirm the new Bullish Leg, otherwise the 1W MA50 becomes a strong probability, like the July 24 2023 rejection. With regards to the Target, our long-term candidate is 2600, very well placed near the top (Higher Highs trend-line) of the 2-year Channel Up. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSD
by TradingShot
GOLD → Bears are engulfing the market. What's next?FX:XAUUSD is hit by a strong wave of selling on optimistic fundamental data in the US market. A takeover is forming on the chart, which clearly makes traders panic. Technically, buyers who showed interest in the metal, which started the strengthening phase from the middle of the month got under liquidation. The sellers are not ready to let the price go beyond 2350-2360 and staged a bearish rally, energized by the fundamental background, which sharply strengthened towards the already bullish dollar. Geopolitical tensions are still at a high level, the reason for this: rumors that the Israeli army approved an offensive against Lebanon. Toward the end of last week, the dollar both looked and continues to look quite strong, on the back of upbeat S&P Global Manufacturing PMI data. The index rose to 51.7 in the June estimate from 51.3 in May, while the services PMI rose to 55.1 from 54.8, showing continued expansion of private sector business activity at a rapid pace. Traders are awaiting U.S. GDP to be released on Thursday and on Friday the BEA will release PCE price index data for May, the Fed's preferred measure of inflation. Resistance levels: 2325, 2332, 2340, 2355 Support levels: 2315, 2305, 2290 Overall, traders may try to buy back some of Friday's decline from local bullish channel support and test the resistance and liquidity area of 2332-2340. But a number of technical and fundamental patterns point to a negative backdrop, and this could generally signal a continuation of the decline after a small correction. Active selling may intensify with a downward breakout of 2316-2320 level Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
7
GOLD → The mood is shifting. Resistance is broken... FX:XAUUSD breaks through downside range resistance and consolidates in bullish territory, opening up potential at 2365-2387. Signs that the US labor and housing markets are cooling keep hopes for a September Fed rate cut alive, with an ECB rate cut helping to keep the gold price afloat. Another important nuance that makes investors wary: A meeting between the Russian President and the North Korean leader earlier this week, which confirms the tensions in geopolitics. For now, all eyes are on the S&P Global Manufacturing and Services in the U.S. and the Fed Monetary Policy Report, which may shed more light on the economic outlook There is still pressure on the market, but the price movement is detached from the dollar (correlation is decreasing), which indicates that the mood towards the metal is changing. Resistance levels: 2365, 2387 Support levels: 2354, 2340 Technically, traders may try to break the resistance of 2365, if it succeeds, and the probability is high enough, we can go to 2387, then we need to watch the price reaction to the area. In case of false breakdown there is a probability to return to the support. It is also worth taking into account the broken resistance that was not tested earlier Regards R. Linda!
FX:XAUUSDLong
by RLinda
14
GOLD limits recovery, after CPI, FOMC and Powell's statementOANDA:XAUUSD fell slightly during the Asian session on June 13, following the US CPI data report and the US Federal Reserve's interest rate decision. The 0.236% Fibonacci level limited the recovery momentum of gold price to keep it in the price channel. Data released by the US Bureau of Labor Statistics on Wednesday showed that the US consumer price index (CPI) in May increased 3.3% year-on-year, down from the previous value and the expected value is 3.4%; unchanged from the previous month, 0.1% lower than expected and also lower than the previous value. Values ​​slowed significantly to 0.3%, the lowest level since July 2022. Excluding food and energy costs, May core CPI increased 3.4% over the same period, lower than the expected 3.5% and lower than the previous 3.6%, the lowest level in more than 3 years. year; The increase in May increased from 0.3% in April to 0.2%, weaker than the 0.3% expected. These data coincide with a deceleration in core CPI in April and may represent the early stages of inflation returning to a downward trend. However, Fed policymakers have emphasized that they will need to see price pressures abate for several months before considering lowering interest rates, especially as the latest jobs report sparks a debate. discuss the extent of policy limitations. The report was released hours before the Federal Reserve ended its two-day policy meeting in Washington. The Federal Reserve left its benchmark interest rate unchanged at 5.25%-5.50% for the seventh straight time on Wednesday, in line with market expectations. The Fed's Dotplot chart shows that it is expected that the agency will only cut interest rates once in 2024. Markets expected the Fed to adopt more supportive policies, but US Federal Open Market Committee (FOMC) policymakers reduced plans to cut interest rates three times in March to 2 times after a 2-day meeting. The committee also signaled that it sees longer-term interest rates higher than previously suggested. The new forecast released after a two-day meeting this week showed inflation still on track to return to the Fed's 2% target, allowing for some policy easing later this year. The statement after the meeting said: "Inflation has eased over the past year but remains high." The only significant change is that the new statement continues to say that "more modest progress has been made in recent months toward the FOMC's 2% inflation target." While the previous statement was "lack of further progress" on inflation. On the same day Wednesday, Federal Reserve Chairman Jerome Powell emphasized in a press conference that the Fed was not yet confident in starting to cut interest rates, but also said that no one considered a rate hike an expectation. basic. Powell's statement can be interpreted as keeping interest rates high for longer but ruling out a rate hike. Overall assessment, CPI data has boosted gold prices in the short term, but after the FOMC announcement and Powell's statement reduced the possibility of gold price recovery because the USD became attractive, when the possibility of interest rates The high will last for a longer period of time. The fundamental picture after yesterday's trading day temporarily leans more towards the possibility of creating pressure on gold prices, but traders also need to pay attention to other unexpected impacts from geopolitical news. is still smoldering in many parts of the world. Gold is often supported when geopolitical risks escalate. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, after gold's recovery yesterday, it was capped by key resistance that readers noticed in the previous issue at the $2,340 - $2,345 area, the price range of this level. Fibonacci retracement 0.236%. Gold's fall below $2,324 continues to provide prospects for it to test the $2,300 base and once the $2,300 base is broken below gold will be eligible for a new bearish cycle. with the latter target around $2,286 in the short term, more than the 0.382% Fibonacci level. That said, the original price level of 2,300 USD is also the closest current support worth noting. During the day, the technical outlook for gold prices remains bearish with notable technical levels as follows. Support: 2,300 – 2,286USD Resistance: 2,324 – 2,340USD 🪙SELL XAUUSD | 2338 - 2336 ⚰️SL: 2342 ⬆️TP1: 2331 ⬆️TP2: 2326 🪙BUY XAUUSD | 2279 - 2281 ⚰️SL: 2275 ⬆️TP1: 2286 ⬆️TP2: 2291
OANDA:XAUUSD
by Xayah_trading
1
GOLD MARKET ANALYSIS AND COMMENTARY - [June 17 - June 21]OANDA:XAUUSD maintained a steady recovery before the weekend, but the overall trend remained unclear as US consumer confidence continued to decline and inflation expectations remained high. COMEX gold futures (including electronic trading) closed up 1.31% at $2,348.40/ounce, up 1.01% this week. On Friday, the University of Michigan's preliminary consumer confidence index fell to 65.6 from a revised 69.1 in May. The data was weaker than expected, with expectations for the index at around 72.1. The new divergence between the Fed's interest rate forecast and market expectations could bring some volatility to the gold market in the short term. The latest economic forecast shows the Federal Reserve will cut interest rates once this year, down from three as forecast in March. The Fed's interest rate forecast, also known as the Dotplot, shows the federal funds rate will be above 5.00% by the end of the year. “Inflation has eased over the past year but remains high,” the Fed said in its monetary policy statement. In recent months, inflation has made some progress toward the FOMC's 2% target. Gold should still receive good support as central banks remain solid buyers despite data from the People's Bank of China showing their gold reserves did not increase last month. China is the main driving force behind the increase in gold prices over the past year, and China's gold purchases have only been assessed as temporary and there has not been any move to show that they have "stopped". could also be a move to avoid paying a record high purchase price. Another piece of data worth noting is US Commodity Futures Trading Commission (CFTC) data showing that in the week to June 11, speculative net long positions in COMEX gold futures contracts decreased by 6,200 lots down to 177,549 lots. Economic data next week will be relatively soft, and the technical price trend of gold will receive more attention. The market will get some preliminary and regional manufacturing data as well as some US housing data. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, although gold recovered from the support level of 2,305 - 2,300 USD that readers noticed last week, in general the recovery momentum is still limited and the downtrend has not been broken. The recovery momentum of gold price is limited by the confluence area of ​​the technical point 2,345USD, the 0.236% Fibonacci retracement level, the upper edge of the price channel and the EMA21 moving average. In general, this will be the area where the gold price has all the important technical pressures for a technical downtrend. As long as gold remains below the EMA21 and within the price channel, the technical outlook for gold prices remains bearish, while if gold breaks below $2,324 it will have room for more downside with the following target level That's about 2,305 - 2,300USD in the short term. A new bearish cycle is expected to be ushered in once gold breaks below the original price of $2,300, and the subsequent short-term target level is $2,286 more than the 0.382% Fibonacci retracement level. Next week, the technical outlook for gold prices remains bearish with the following notable technical levels. Support: 2,324 – 2,305 – 2,300USD Resistance: 2,340 – 2,345USD 📌Short-term trading plan for next week (illustrated chart): In the immediate future, we will consider selling if the price rises to 2365, buying if the price drops to 2260.
OANDA:XAUUSD
by Xayah_trading
GOLD → Shake up and bounce from MA-200 (D1) FX:XAUUSD is testing range and trend resistance, forming a false break of 2340 and touching MA-200 (D1). In the meantime, the dollar is strengthening and doesn't look like it's ready to give up.... Traders are expecting Initial Jobless Claims to be relatively lukewarm towards the US market. If the figure is lower than expected, it will provide additional support to the market, which would be a negative scenario for the metal price. Technically, the price is in a downtrend. In relation to the range of 2340-2300 a false resistance breakout is formed (liquidity capture). The strong movement is similar to a shakeout in nature. A retest is possible before a further fall to the lower liquidity zone. There is still no strong buyer on the market. Resistance levels: 2340, 2358 Support levels: 2332, 2325, 2315 With a retest target, the price may return to 2340, but there is no reason for gold to break the resistance yet. Consolidation below 2332 will send the price to 2315. BUT, provided the news is negative for the dollar, gold could test the trend resistance with a breakout target. Regards R. Linda!
FX:XAUUSDShort
by RLinda
10
GOLD → Bears are holding 2332. Possible shake up...FX:XAUUSD rises on Tuesday and Wednesday amid unexpectedly weak news in the US market, but at the same time the dollar does not tend to fall. Today is a day off in the US and gold is creeping up towards resistance. The price is resting in the strong resistance area of 2332, the limit resistance level formed by the sellers does not let the price go beyond it. Consequently, a shake up and subsequent false breakout may occur relative to the level, which may lead to a strong fall and liquidation, as there is no strong buyer in the gold market and the fundamental background is weak. The market is within the descending channel, but in the phase of consolidation, which sooner or later will move into the realization (distribution) phase. Before that a retest of the trend resistance is possible (capture of additional liquidity) Resistance levels: 2332, 2340, 2356 Support levels: 2325, 2315, 2305 The overall situation is that we may see another bearish rally. There are no reasons to break the trend resistance at the moment. The most likely scenario is a false breakout under current circumstances. Regards R. Linda!
FX:XAUUSDShort
by RLinda
7
We remain wary of today’s gains on gold and silverSilver rose over 2% in Thursday’s Asian session, eventually prompting gold to try and catch up. Yet gold’s ‘rally’ was lacklustre in comparison, and with silver pausing near a resistance cluster, we’d prefer to fade fold below $2350 for a move lower. Silver has stalled around a high-volume node (HVN) and trend resistance. RSI (2) is overbought and prices have risen whilst volumes were lower. RSI (2) is also overbought for gold on this timeframe with lower volumes, and the monthly pivot point and weekly R1 pivot reside around 2350. Bears could fade into gold below $2350 and target the weekly pivot around $2320. They could also seek shorts on silver around current levels with $30 as an initial target. At which point, bulls could then seek evidence of a swing low around the monthly pivot point or $30 for long swing trade.
FX_IDC:XAUUSDShort
by CityIndex
GOLD will have unexpected fluctuationsOANDA:XAUUSD delivered immediately increased for the second consecutive trading day, gold price once reached 2,320 USD/ounce. Today (Wednesday), the market will receive the Federal Reserve's interest rate decision and US CPI data, which is expected to explode the market. The latest big news comes from ceasefire negotiations in the Middle East. An Israeli official said Israel had received Hamas's response to the ceasefire proposal through relevant mediators, but believed that Hamas had revised "all the fundamental content" of the proposal and Change the content of this proposal. The proposal outline was previously announced by US President Biden. Israel took this to mean that Hamas had rejected the ceasefire proposal. This news has helped gold attract some safe-haven buying activities, pushing gold prices higher in the context that the Dollar is still stronger. U.S. CPI Data and Federal Reserve Decisions Coming Soon US May CPI data will be released a few hours before the Fed's decision. If inflation stays stable, that could allow the dollar to start to gain traction first. Fed Chairman Jerome Powell will likely be asked about the data at a post-FOMC press conference. On Wednesday, the United States will release the May Consumer Price Index (CPI) report. US monthly CPI growth in May is expected to decline from 0.3% to 0.1%, but monthly core CPI growth is expected to remain steady at 0.3%. Additionally, US annual CPI growth in May is expected to remain unchanged at 3.4%, while core CPI growth is expected to decline from 3.6% to 3.5%. On Thursday, the FOMC will release its interest rate resolution and summary of economic expectations On Thursday, Federal Reserve Chairman Jerome Powell will hold a press conference on monetary policy. Given policymakers' stance of "higher interest rates for longer," the market is almost certain that the FOMC will not act at this week's meeting. So the focus will be on the post-meeting statement and the new interest rate forecast. In March this year, the Fed's Interest Rate Dotplot showed that policymakers predicted that the policy rate would be cut by a total of 75 basis points in 2024. An upward revision is possible. That's because most policymakers say they are in no hurry to start reducing borrowing costs. According to data from the Chicago Mercantile Exchange's "FedWatch" tool, the market expects the probability that the Federal Reserve will cut interest rates by 50 basis points this year is nearly 55%. Today is a very important trading day because it is directional from big data such as CPI and FOMC events, first gold and dollar will be affected by CPI data and then FOMC. If CPI data is better, this will boost the US Dollar but then if the FOMC shows the prospect of a rate cut then this will boost gold prices. A rather complicated trading day with two major events in the geopolitical context showing signs of supporting gold prices. Short comments will be sent to you as data and events are released, hopefully in time with your trading timing. Analysis of technical prospects for OANDA:XAUUSD Gold has recovered to above its original price of 2,300 USD, but it is temporarily limited as it has not yet reached the target level at the technical point of 2,324 USD, as noted by readers in yesterday's publication. However, the overall technical chart still shows a bearish picture with all the conditions from the main trend highlighted by the price channel and the main resistance from the confluence area of ​​the upper edge. price channel, 0.236% Fibonacci retracement level and EMA21. In case gold falls below the original price of 2,300 USD, the recovery cycle has generally ended with the target price reduction then being around 2,286 - 2,272 USD. As long as gold remains within the channel and below the EMA21, the technical outlook for gold prices remains bearish and notable levels are listed below. Support: 2,305 – 2,300 – 2,286USD Resistance: 2,324USD 🪙SELL XAUUSD | 2341 - 2339 ⚰️SL: 2345 ⬆️TP1: 2334 ⬆️TP2: 2329 🪙BUY XAUUSD | 2267 - 2269 ⚰️SL: 2263 ⬆️TP1: 2274 ⬆️TP2: 2279
OANDA:XAUUSD
by Xayah_trading
2
GOLD → Support retest within the triangle before the news...FX:XAUUSD continues to be under strong pressure from sellers on the back of a strong dollar. The market failed to overcome the 2325 area and is heading for a support retest. Ahead of the news (Core Retail Sales, Retail Sales), increased volatility is expected. Traders are expecting neutral-bullish data against the US market. If the figures are higher than expected, gold may head lower. The technical and fundamental background for gold is negative, there is no strong buyer in the market yet, the rising dollar does not allow traders to take premature steps. The focus is on consolidation boundaries, a breakout of one or another boundary or level may trigger strong sell-offs (or buys). Resistance levels: 2315, 2325, 2340 Support levels: 2305, 2295, 2287 The chart and fundamental background speaks for itself. The news may have a temporary bullish impact on the market, but I don't think it can turn the market around under the current circumstances. The overall bearish background for gold is likely to continue this time around. Regards R. Linda!
FX:XAUUSDShort
by RLinda
14