#JSEANG AngloGold. Bull flag in progress.Looks like a bulls flag is building on this one. A break could open 55 as a target. One to watch.
Goldminers
Analysis of gold price trend on TuesdaySpot gold is currently trading around 2330 in early Asian trading on Tuesday. Gold prices rose 0.23% on Monday, and the US June ISM manufacturing PMI data was worse than market expectations, which also provided upward momentum for gold. The market focus turned to the US NFP data to be released later this week, which may provide more clues for the Fed's interest rate cut.
U.S. manufacturing shrank for the third straight month in June, and a measure of factory input prices fell to a six-month low due to weak demand for goods, suggesting that inflation may continue to recede. This week, the market focuses on a speech by Federal Reserve Chairman Powell on Tuesday, the minutes of the central bank's latest policy meeting on Wednesday, and U.S. non-farm payrolls on Friday. U.S. markets will be closed on Thursday.
Powell is likely to stick to his data-dependent stance, so gold prices could rise again if U.S. NFP data is weak later this week. The market currently expects a 64% chance of a rate cut by the Federal Reserve in September and another in December. Lower interest rates can reduce the cost of holding gold. In addition, geopolitical concerns and concerns about the uncertainty of the French election situation also provide some support for gold prices.
The battle between long and short gold is hard to separate, and both long and short gold have opportunities. Yesterday, the gold price continued to pull around the 2320/2340 range repeatedly, and the daily line rose slightly, continuing to close around the long and short red and green alternately. The technical short-term four-hour chart and hourly chart are not very weak. The price basically maintains the upper and middle track of the Bollinger band and continues to adjust. The RSI indicator continues to run above the middle axis. The technical side continues to maintain the range operation and fluctuate. Before breaking the range, keep the idea of selling high and buying low to participate.
Asian trading strategy:
Short-term gold 2318-2320 long, stop loss 2311, target 2335-2345;
Short-term gold 2338-2340 short, stop loss 2349, target 2320-2310;
Analysis of gold price trend on MondaySpot gold fluctuated slightly lower during the Asian session on Monday, currently around 2324. Gold prices rose and fell last Friday. Although a key US inflation report was basically in line with expectations, boosting hopes that the Federal Reserve may cut interest rates before September, political uncertainty overshadowed this optimism, and US Treasury yields surged to a nearly three-week high, causing gold to fall after rising!
U.S. Treasury yields reversed earlier losses on Friday as uncertainty over the U.S. presidential election and French parliamentary elections offset a confidence boost from earlier data showing slowing U.S. inflation. Meanwhile, French yields rose on Friday as the first round of the general election is scheduled for Sunday, with polls suggesting a possible victory for France's far-right party.
The US Independence Day will make this an unusual week for economic data, with important releases compressed on either side of the holiday. On Monday, the market will receive the ISM manufacturing purchasing managers' index, followed by the Eurozone CPI flash reading and JOLTS job openings data on Tuesday. ECB President Christine Lagarde and Fed Chairman Jerome Powell will also speak at a central bank conference in Portugal.
Gold daily and weekly lines are running in a convergent triangle, but the daily and 4-hour lines appear to be consolidating at high levels for a little longer, which will limit the momentum of bulls. Although the hourly and 4-hour charts are in the upward channel, it can still be seen that they are not strong, so be careful of the need for a retracement at the beginning of the week. The support of the 2318 line needs to be paid attention to below. A breakthrough will increase the strength of the retracement! The upper resistance is 2339, and the operation is to sell high and buy low!
Asian trading strategy:
Short-term gold 2318-2320 long, stop loss 2310, target 2335-2345;
Short-term gold 2338-2340 short, stop loss 2349, target 2310-2320;
Note: The above strategy was updated on July 1. This strategy is an Asian trading strategy. Please pay attention to the validity period of the strategy release.
XAUUSD:28/6 Analysis and StrategyGold technical analysis
Daily resistance 2340-70, support below 2277
Four-hour resistance 2340, support below 2277
Gold operation suggestions: The overall price of gold has stabilized at the 2300 integer mark. At present, the technical side is likely to maintain a wide range of fluctuations in the 2300-2340 area.
From the analysis of the 4-hour line, today's lower support continues to focus on the neckline of yesterday's hourly line near 2313-2315. If it falls back during the day, we will first look at this position to rebound. The upper short-term pressure focuses on the vicinity of 2337-2340. We will rely on this range to maintain high selling and low buying during the day, and maintain the trading idea of range consolidation in the short term.
BUY:2313near SL:2310
SELL:2340near SL:2343
Technical analysis only provides trading direction!
Analysis of gold price trend on Friday Gold fluctuated in a narrow range in early Asian trading on Friday and is currently trading around 2323. Gold prices rose $30 from their lows on Thursday. As the dollar weakened, the market focus turned to key US inflation data for clues about the direction of Fed policy.
The number of Americans filing for unemployment benefits fell last week, but continuing claims jumped to the highest level in two and a half years in mid-June, suggesting that labor market conditions are loosening amid slowing economic growth. Other data released on Thursday highlighted weakening economic momentum, with business equipment spending falling in May and a widening goods trade deficit due to falling exports. The series of weak data increased the likelihood of a rate cut by the Federal Reserve in September after a sharp slowdown in economic growth in the first quarter.
The weak economic data supported expectations that the Federal Reserve will start cutting interest rates this year, putting pressure on the dollar, and gold prices rose sharply by nearly $30 after a sharp drop in the previous trading day. On Friday, investors will usher in the most important economic data of the week, the U.S. PCE inflation data, which is expected to cause sharp market fluctuations.
Friday is still based on the idea of wide range fluctuation. Technically, the daily line still maintains the discontinuous red and green alternating pattern, and the price returns to the MA10 daily moving average position of 2328, but the daily moving average does not form a golden cross and open volume, and the RSI indicator is still flat above the central axis. Similarly, the weekly line suppresses the MA10 daily moving average position of 2335, and the monthly line has the highest probability of closing at the cross line. Today's trading of gold will first see whether the long-short watershed of 2330 can stand firm!
Asian trading strategy:
Short-term gold 2310-2312 long, stop loss 2300, target 2330-2340;
Short-term gold 2330-2333 short, stop loss 2341, target 2310-2300;
Note: The above strategy was updated on June 28. This strategy is an Asian strategy, please pay attention to the validity period of the strategy, the US market strategy is waiting for update
XAUUSD: 27/6 Analysis and StrategyGold technical analysis
Daily resistance 2340-70, support below 2277
Four-hour resistance 2320, support below 2287-2277
Gold operation suggestions: The overall price of gold fell on Wednesday. The highest price rose to 2323, the lowest fell to 2293, and closed at 2297. Looking back at the performance of the gold market on Wednesday, the price fluctuated in the short term after the opening in the morning, and then the price fluctuated and fell. The price did not break the high point in the morning, so the overall price was weak. The second rebound in the US market continued to encounter resistance at the 2317 mark, ushering in an accelerated decline in shorts. Finally, the gold price accelerated downward to break through the 2300 integer mark and reached 2393. The weak rebound closed, and the daily K-line closed with suppression and fell, and the overall price formed a very clear short-term unilateral downward rhythm.
From the 4-hour analysis, the short-term bull-bear strength watershed is 2320. A breakout and stabilization of this position at the daily level represents the end of the decline.
SELL: Near 2340
SELL: Near 2320
SELL: Near 2287
Technical analysis only provides trading direction!
Is the expectation of gold's reduction to 22xx coming true?At the start of the buying and selling consultation on June 27 (US time), international gold expenses abruptly improved sharply after being "hurt" via way of means of a assertion from a US Federal Reserve (Fed) chief that prompted the USD to growth in value. , eliminating gold`s vast power.
Specifically, Ms. Michelle Bowman, a member of the Board of Governors of the Fed, stated that the Fed maintaining hobby charges unchanged for an extended time period can be sufficient to govern inflation, and the Fed may even growth hobby charges if inflation increases. emission keeps to growth.
FXTM senior studies analyst Lukman Otunuga affirmed that Michelle Bowman's assertion has prompted gold to be "hurt" as soon as again.
From every other perspective, traders are presently listening to americaA May inflation file posted later this month. They assume that when the file, the course of gold can be clearer.
Gold charge forecast
Mr. Lukman Otunuga stated that gold expenses can also additionally vary strongly withinside the last classes of this week. In the quick term, the guide stage for this valuable metallic is 2,three hundred USD/ounce and the resistance stage is 2,340 USD/ounce.
Although gold is suffering to keep the $2,three hundred/ounce mark, latest studies outcomes from State Street and the World Gold Council are expecting that the valuable metallic is attracting cash managers and hedge funds.
State Street professional Milling-Stanley has raised his gold charge forecast for the second one 1/2 of of the year. It is predicted that gold charge will variety from 2,two hundred to 2,three hundred USD/ounce.
Analysis of gold price trend on Thursday 6/27Gold fluctuated narrowly below the 2,300 mark in Asian trading on Thursday. Gold prices fell 1% on Wednesday, hitting its lowest level in more than two weeks at 2,293 during the session, hurt by a stronger dollar and rising Treasury yields, while traders awaited U.S. inflation data to be released later this week.
Investors began to digest expectations of monetary easing by the Federal Reserve, supporting the dollar's last upward momentum. The dollar rose 0.4% against other currencies to a near two-month high, making international gold more expensive for holders of other currencies, while the benchmark U.S. 10-year Treasury yield hit a near two-week high.
It should be reminded that the market is also paying attention to the U.S. first-quarter gross domestic product (GDP) data to be released on Thursday and the important debate between President Biden and Republican presidential candidate Trump on Thursday. In addition, pay attention to changes in the number of initial jobless claims in the United States and the monthly rate of durable goods orders in the United States in May.
Gold maintained the expected short position and continued to adjust. The daily line broke through the 2300 mark and closed. The connection structure continued the short position adjustment. The daily chart gold price deviated from the MA10/7-day moving average and concentrated on the 23 line. The RSI indicator continued to run below the central axis. The short-term four-hour chart price continued the MA10-day moving average low point and gradually moved down. The Bollinger band opened downward, and the RSI indicator ran at a low value of 30. The hourly chart fluctuated and fell. The hourly chart of the operation range of the middle and lower tracks of the Bollinger band first looked at 2290/2306 days. The idea of gold trading remains the high-altitude idea!
Asian trading strategy:
Short-term gold 2286-2288 long, stop loss 2277, target 2300-2310;
Short-term gold 2310-2313 short, stop loss 2319, target 2290-2280;
Note: The above strategy was updated on June 27. This strategy is an Asian market strategy, please pay attention to the validity period of the strategy. US market strategy to be updated
World gold price dropped to its lowest level#GOLD ANALYSIS - June 27, 2024
⏬Sell Gold at fee variety 2315-2320
❌Stop location 2325
⏫Buy brief Gold at fee variety 2295-2300
❌Stop location 2285
🌐In the 4th session, yesterday. True to yesterday`s analysis, Gold fee persisted to weaken, attaining the bottom guide area of the day at 2294.
✅The promoting stress during the last few days has proven no symptoms and symptoms of ending, however, withinside the cutting-edge fee variety it is able to be taken into consideration a pretty critical guide area, so private opinion on this location the fee of gold might also additionally growth slightly. earlier than new developments appear.
✅Traders should purchase brief on the cutting-edge fee variety of 228x-229x and anticipate a brief growth all through the day to discover a Sell factor withinside the close to future.
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Mr. Bart Melek, commodity strategist at funding financial institution TD Securities, stated that the gold marketplace can be reacting to the strengthening of the USD. According to Mr. Melek, americaA Federal Reserve (Fed) is not likely to alternate hobby fees in early summer.
The USD rose 0.4% to its maximum stage in almost months in opposition to different currencies. This made gold extra steeply-priced in opposition to different currencies, at the same time as US 10-12 months bond yields hit a almost -week high. Traders at the moment are looking forward to US inflation statistics later this week. The statistics ought to shed mild at the valuable financial institution`s hobby charge path.
In addition, the marketplace additionally centered its interest on US financial increase statistics and the critical debate among US President Joe Biden and Republican candidate Donald Trump taking location on June 27 nearby time.
Data launched on June 25 confirmed that US client self assurance fell in June amid worries approximately the financial outlook. However, families stay constructive approximately the hard work marketplace and assume inflation to mild subsequent 12 months.
On June 25, Fed Governor Michelle Bowman stated that maintaining coverage hobby fees strong for some time can be sufficient to govern inflation, however emphasised that the Fed is prepared to boom borrowing expenses if necessary.
XAUUSD:26/6 Analysis and StrategySpot gold technical analysis
Daily resistance 2340-70, support below 2277
Four-hour resistance 2337, support below 2295-2277
Gold operation suggestions: Yesterday, the technical aspect of gold rose first and then fell. The price fell slightly in the Asian and European sessions and stabilized at the 2322 mark, ushering in a bottoming rebound. Before the European session, it further stabilized and rebounded to stand above the 2330 mark, and continued to rise to around 2337, then fell under pressure and fell rapidly. The overall gold price in the US session continued to fall and broke through the Asian session low of 2322, and fell to a weak closing near 2315. The overall price continued to show a suppressed downward trend at the 2337 mark.
From the 4-hour analysis, today's upper short-term resistance is around 2337. The intraday rebound relies on this position to continue to be short and follow the trend to fall. The lower target continues to focus on new lows. The short-term long-short strength and weakness watershed focuses on the 2340 line. Any rebound before the daily level breaks through and stands on this position is a short-selling opportunity.
SELL:2345near
SELL:2328near
SELL:2337near
Technical analysis only provides trading direction!
Gold will continue to fall, trading plan for WednesdaySpot gold continued its decline yesterday in early Asian trading on Wednesday and is currently trading around 2312. Gold prices fell 0.63% on Tuesday. Fed Governor Bowman's hawkish speech helped the dollar rise, which had a significant impact on gold prices. In addition, Israel's preference for ending the conflict with Hezbollah through diplomatic means also suppressed safe-haven buying demand. Investors await U.S. inflation data to be released later this week, which may provide clues about the timing of the Fed's interest rate cut this year.
U.S. consumer confidence fell in June despite a healthy labor market and expectations of easing inflation over the next year. The dollar rose 0.2% against other currencies, making international gold more expensive for holders of other currencies, while 10-year Treasury yields also edged higher.
Gold hit a record high of $2,449 on May 20 and has risen 12% so far this year, supported by hopes of a rate cut by the Federal Reserve and aggressive gold buying by central banks amid geopolitical tensions. This week, traders will focus on U.S. first-quarter gross domestic product (GDP) data on Thursday and the personal consumption expenditures (PCE) price index report on Friday.
Gold moves down in the expected short adjustment range, and the short idea is maintained. Technically, the daily MA10 daily moving average is at 2326, the 5/7-day moving average and the middle track of the Bollinger band are overlapped to maintain the 2330 line of suppression, and the RSI indicator is adjusted below the middle axis. The short-term four-hour moving average crosses downward, and the MA10/7-day moving average moves down to 2324/226. The hourly chart maintains the middle and lower tracks of the Bollinger band, and the RSI indicator runs below the middle axis.The gold trading idea is to sell high as the main layout, and buy low as the auxiliary.
Asian trading strategy:
Short-term gold 2302-2304 long, stop loss 2295, target 2320-2330;
Short-term gold 2328-2330 short, stop loss 2339, target 2310-2300;
Note: The above strategy was updated on June 26. This strategy is an Asian market strategy, please pay attention to the validity period of the strategy. US market strategy is waiting to be updated
XAUUSD: 25/6 Analysis and StrategyGold technical analysis
Daily resistance 2340-70, support below 2277
Four-hour resistance 2350, support below 2307-2277
Gold operation suggestions: Yesterday, the overall technical aspect of gold quickly dropped in the Asian session and stabilized at the 2318 mark, ushering in a bullish shock recovery repair. The price in the Asian and European sessions rose slightly and pierced the 2332 mark, suppressed and fell rapidly. Before the US session, it stabilized at the 2320 mark and further rebounded and rose. The gold price slowly climbed above 2330 and reached a high of 2334. After the sharp drop last Friday, the overall price did not continue to fall, but supported and stabilized at the 2318 mark to form a bullish shock rebound repair market. However, the overall technical indicators are still in a suppressed bearish pattern. Yesterday's short-term rebound did not change the overall suppressed bearish rhythm.
From the 4-hour analysis, today's upper strong resistance is still focused on 2335-2343. The intraday pullback relies on this position to continue to be bearish and trend trading. The lower target continues to focus on breaking new lows. The short-term long-short strength and weakness watershed focuses on the 2350 mark. Before the daily level breaks through and stands on this position, any pullback is a short-selling opportunity. Keep trading with the trend.
SELL:2345near
SELL:2328near
BUY:2277near
Technical analysis only provides trading direction!
Analysis of gold price trend on Tuesday 6/25In early Asian trading on Tuesday, gold fluctuated and fell, currently trading around 2325. Gold prices rebounded 0.56% on Monday, helped by the dollar's retreat as Fed officials said the risk of rising unemployment was increasing. Investors began to wait for U.S. inflation data to be released later this week, which may affect the Fed's monetary policy path.
The dollar fell 0.3%, risk appetite deteriorated, and investors seeking safety bought gold, making gold attractive to holders of other currencies. It should be reminded that the U.S. dollar index showed a similar "engulfing" bearish candlestick combination at the daily level, and it is necessary to be vigilant about the further downside risk of the U.S. dollar index in the short term, which may provide further opportunities for gold prices to rebound.
The focus this week will be Friday's U.S. personal consumption expenditures (PCE) price index data, which is the inflation indicator favored by the Federal Reserve. Pay attention to the performance of the U.S. Conference Board Consumer Confidence Index in June this trading day. Also of concern are the speeches that several Fed officials will make this week, including Fed Governors Cook and Bowman.
Gold rebounded and adjusted in the late trading, the weekly MA10 was moving down, and the Bollinger middle track was moving up. The entire weekly trend trajectory was in line with the prediction last week, that is, the overall weekly trend was expected to be a contraction trend between the MA10 and the Bollinger middle track. The technical side entered into a shock consolidation again, and the daily line could not rule out the possibility of continuing to alternate between yin and yang. The high-altitude and low-multiple ideas are deployed during the day! First look at the 2326/2320 support and 2338/2343 resistance during the day.
Asian trading strategy:
Short-term gold 2315-2318 long, stop loss 2306, target 2335-2345;
Short-term gold 2335-2338 short, stop loss 2344, target 2320-2310;
Note: The above strategy was updated on June 25. This strategy is an Asian strategy, please pay attention to the effective time of the strategy
Buy gold, 2318-2320
Gold price rebounded after reaching 2310. It is currently at 2320. Judging from the news and technical aspects in the short term, gold price has the probability of continuing to rise, so gold can continue to be bought. OANDA:XAUUSD TVC:GOLD COMEX_MINI:MGC1! COMEX:GC1! MCX:GOLD1!
XAUUSD: 20/6 Thursday’s Analysis and StrategyTechnical analysis of gold
Daily resistance 2340-70, support below 2277
Four-hour resistance 2350, support below 2307-2277
Gold operation suggestions: The overall price of gold is fluctuating in a narrow range at a high level. In the short term, the overall trend of gold is still suppressed below 2340, because the daily level has not yet stabilized at 2340. Before that, the daily level is likely to continue to fluctuate between long and short positions.
Today's lower support continues to focus on 2317-2315, and the upper pressure focuses on today's high point 2345. You can participate in the transaction by selling high and buying low in this range.
SELL:2345near SL:2348
SELL:2328near SL:2331
BUY:2277near SL:2274
Technical analysis only provides trading direction!
Gold rebounded after oversold
After the news was released on Friday, gold fell sharply. In addition, a large number of buy orders were traded in the market. The lowest gold price reached 2318, and the Asian market rebounded. The operation is still mainly buying at low levels. See if the position of 2332 stabilizes above. If it stabilizes, you can continue to buy.
OANDA:XAUUSD COMEX_MINI:MGC1! MCX:GOLD1! COMEX:GC1! NYMEX:CL1! NYMEX:WTI1! MCX:CRUDEOIL1! NYMEX:MCL1! TVC:DXY BYBIT:BTCUSDT.P INDEX:BTCUSD
Analysis of gold price trend on Monday 6/24Gold prices fell to hit 2317 in Asian trading on Monday. The dollar rose to its highest level in seven weeks, making gold more expensive for holders of other currencies, and U.S. Treasury yields also rose. Uncertainty about the timing of the Fed's rate cut.
In the short term, the outlook for gold appears bearish due to uncertainty about the timing of the Fed's rate cut. The stronger dollar and rising U.S. Treasury yields put additional downward pressure on gold prices. Traders should remain cautious and pay close attention to upcoming economic data, as any signs of strong economic performance could delay rate cuts and further depress gold prices.
Key U.S. economic reports this week include the second revision of gross domestic product (GDP), initial jobless claims, and core personal consumption expenditures. These reports, as well as speeches by multiple Fed speakers, could have a significant impact on gold prices. Traders should pay attention to signals on economic growth, inflation, and potential shifts in monetary policy.
In the golden triangle range, the gold price fluctuated and adjusted in the short term. The weekly chart turned from green to red, and the price fell back below the MA10-day moving average. The short-term four-hour chart MA10/7-day moving average high 2346 dead cross opened downward, and the price fell to 2310 near the lower track of the Bollinger band. The RSI indicator broke through the middle axis 50 and turned downward. The strong bullish trend of gold ended on Friday. The first consideration for trading at the beginning of the week is the inertial rebound of the price after the oversold, and the short-selling pattern will be carried out after the rebound is blocked.
Asian trading strategy:
Short-term gold 2307-2309 long, stop loss 2298, target 2330-2340;
Short-term gold 2335-2337 short, stop loss 2346, target 2320-2310;
Note: The above strategy was updated on June 24. This strategy is an Asian market strategy, please identify the strategy release time
Gold price today (June 24): "Hold your breath" waiting for the sWorld gold charge today
World gold costs have a tendency to boom with spot gold growing via way of means of 3.2 USD in comparison to final week`s ultimate degree to 2,323.2 USD/ounce.
After a unstable week, the sector gold marketplace is predicted to stabilize this week with few essential statistics launched withinside the center of the week. The maximum awaited records via way of means of the marketplace is the center private intake expenditure index document (americaA Federal Reserve's (Fed) favored inflation measure) predicted to be posted on the quit of the week. Some reviews say that this document is predicted to create fluctuations withinside the marketplace. Weaker statistics ought to boom the chance that the Fed will reduce hobby charges in 2024, and that situation might aid the yellow metal. On the contrary, inflation "hotter" than predicted will motive gold to fall deeper.
Although the upward momentum has slowed, many analysts agree with that the elements which have supported gold these days have now no longer disappeared. Accordingly, worries associated with geopolitical instability remain, mainly beforehand of americaA election in November. Additionally, the USD's role as the sector's reserve forex is still challenged. focus and the danger of worldwide inflation remains.
According to the World Gold Council's latest annual Central Bank Gold Reserves Survey, the ones are the pinnacle motives why each retail traders and important banks flip to gold.
Slow move down the roadChoppy move in Gold and also is MIners.
So I expect an intermidiate stop at 37$-38$ for GDXY sometime in the first two weeks of July. At that time, gold should be at 2200 (futures, cash is about 20$ more).
So i will close my short position at that level.
Enter a long I still think is risky as weeky and monthy trends are bearish. So each one should trust in their only analysis and risk to do so.
I will probably enter a long position for some days, normally 6 to 8 trading days is the more It colud last the rally., but is not worth if you no are levaraged somehow.
After that i will probably enter a HUGE SHORT position again FROM 40$ or so (as I expect) to ...could be around 33$...still to be seen...in end August or September, with gold around 2000$.
XAUUSD:19/6 Analysis and StrategyGold technical analysis
Daily resistance 2340-70, support below 2277
Four-hour resistance 2328-40, support below 2307-2277
Gold operation suggestions: Yesterday, gold technically fell first and then rose, ushering in a strong bull bottoming out and rebounding deep V rebound. The price of the Asian and European sessions was under pressure and fell back to the 2325 mark, and then weakened and further pierced the 2310 mark to reach 2306 and stabilized and rebounded. The price rushed up first in the late trading, and was blocked at the hourly starting point of 2324, and then quickly fell back and fell. Then, it repeatedly oscillated around the 2315-2318 area and formed a strong bottoming out and rebounded to break the high. The daily level continued the long and short yin and yang oscillation cycle rhythm.
Judging from the current gold trend, today's support is around 2318-15. If it returns to this position during the day, you can try to go long. The upper pressure is around 2335-2340. Rely on this range to maintain a high-sell and low-buy cycle during the day.
SELL:2334 near SL:2342
BUY:2277 near SL:2270
Technical analysis only provides trading direction!
GOLD -cannot return to the 22xx area due to huge buying pressureJohn Williams - President of the New York Fed - stated hobby costs will steadily lower over time, however he refused to mention whilst americaA significant financial institution may begin loosening economic policy.
According to the CME FedWatch Tool, investors expect a kind of 67% threat the Fed will reduce hobby costs in September. Lower hobby costs lessen the possibility fee of retaining non-hobby-bearing bullion.
Currently, Fed officers are touchy to the difficulty of cooling inflation. Any uncommon symptoms and symptoms from the hard work marketplace will have an effect on the choice to reduce hobby costs on the cease of the year. Investors additionally centered on weekly jobless claims and buying index.
Gold costs reduced 6% from the file excessive of 2,449.89 USD/ounce on May 20, specifically stricken by the sturdy USD, excessive hobby costs, and Fed policies.
In addition, the Chinese significant financial institution`s suspension of gold purchases in May endured to weigh at the marketplace.
However, in its annual survey, the World Gold Council stated that many significant banks are pushing beforehand with gold reserve plans notwithstanding growing treasured metallic costs, in part because of political and macroeconomic instability. .
Spot silver fell 0.4% to $29.forty an ounce, platinum fell 0.4% at $968.fifty nine and paladin rose 0.1% to $887.67.
Regarding the gas marketplace, Brent crude oil rate elevated 2 cents to 85.35 USD/barrel, at the same time as US WTI crude oil reduced 6 cents to 81.fifty one USD/barrel. Oil costs remained solid withinside the buying and selling consultation on June 19 because the marketplace taken into consideration escalating conflicts in Europe and the Middle East, and involved approximately gas call for after an surprising growth in US crude oil reserves.
XAUUSD:17/6 Today's Analysis and StrategyGold prices are showing a downward trend after a sharp rise last Friday and are currently trading around 2318. With a bearish crossover of the moving averages and a bearish signal from the relative strength index (RSI), gold prices are once again facing the test of 2300 and 2277.
From a technical analysis perspective, the short-term technical outlook for gold prices is still in favor of the bears. The upside for gold prices is limited by the confluence of the 21-day moving average (SMA) and the 50-day SMA near 2345. The 14-day RSI remains below 50, close to 48.00, while the 21-day SMA crossed the 50-day SMA from above to below at the close of last Friday, forming the so-called "death cross".
Gold technical analysis
Daily resistance 2340-70, support 2277
Four-hour resistance 2328-40, support 2307-2277
Gold operation suggestions: Today's gold price fell directly from Friday's closing price of 2332. The current lowest price has reached 2314. The key support below is around 2314, which is the current watershed of gold price strength. At present, the overall market is still in the 2310-40 oscillation range. The focus on the upper side is the 2335-40 line suppression. If this high point is reached, short selling can be considered. The recent market focus only needs to pay attention to the breakout of the large range of 2300-2340.
SELL:2340 near SL:2345
BUY:2277 near SL:2274
GOLD - The flag pattern appears clearlyBUY GOLD 2312-2313
GOLD in the current European session has also reached its very low zone. Previously, GOLD had formed a weak support zone at this price level. Although it was weak support, in the European session it was clearly quite strong. There is little reason to confirm that gold will break this zone, so you should place full TP/SL, don't abuse leverage, only risk about 1-2% of your total capital. Please.
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Last Sunday, Minneapolis Fed President Neel Kashkari stated that it's far affordable to are expecting that americaA Central Bank will handiest reduce hobby quotes as soon as this year. This announcement had a good sized effect on marketplace psychology.
This week, US retail income information, weekly jobless claims and shopping managers` indexes are anticipated to offer similarly clues approximately the course of the Fed's hobby quotes.
Although gold expenses have decreased, professionals nonetheless trust that gold is in a good environment. Data launched remaining week confirmed that hard work marketplace and fee pressures are displaying symptoms and symptoms of cooling. Capital monetary marketplace analyst Kyle Rodda stated that information displaying symptoms and symptoms of weak spot withinside the US financial system may want to weaken the USD and growth expectancies of destiny hobby charge cuts. .
Precious metals continue to be supported via way of means of hopes that subsequently the Fed will need to pivot its policy. In addition, political instability in France additionally multiplied danger aversion globally, supporting to enhance safe haven call for for the treasured metal.
