GOLD (June 26) The downward trend but market is still optimistic
Gold prices rose $6.4 to $1,920 in the last trading session in the global gold market. In the Asian session today, gold continued to increase slightly to $1,925. This week, gold experienced its worst week since February due to expectations of the Federal Reserve raising interest rates twice more, causing a $40 drop in price.
During the past week, Federal Reserve Chairman Jerome Powell reaffirmed his commitment to raising interest rates twice more in Congressional hearings. Analysts suggest that this new global hawkish stance may make the US dollar a more attractive safe haven asset than gold.
During the past week, Federal Reserve Chairman Jerome Powell reaffirmed his commitment to raising interest rates twice more in Congressional hearings. Analysts suggest that this new global hawkish stance may make the US dollar a more attractive safe haven asset than gold.
評論:
Gold prices are currently experiencing a monthly downtrend, recently breaking below the support level around $1,905. If the XAU/USD price continues to decrease, it could challenge the established downtrend channel by breaking the weakness of the $1,905 support level. Therefore, the bearish camp needs to confirm a bottom around $1,900 to regain control.
On the other hand, the recent resistance level at $1,955 seems puzzling for gold buyers. This suggests that a declining resistance line has been in place for the past eight days, with the most recent resistance level being around $1,930, limiting any immediate price increases in gold.
On the other hand, the recent resistance level at $1,955 seems puzzling for gold buyers. This suggests that a declining resistance line has been in place for the past eight days, with the most recent resistance level being around $1,930, limiting any immediate price increases in gold.
評論:
From a technical standpoint, further selling below the $1,900 mark could trigger a price decline for Gold. The daily chart indicators are currently in negative territory, and it may take some time before they reach oversold levels. In that case, Gold prices could quickly drop to the $1,876-$1,875 range.
On the other hand, any positive move above the $1,912-$1,913 range or the current Asian session high could face resistance near the $1,924-$1,925 area before reaching $1,936. A sustained upward momentum could lead to a short-term rally towards the barrier at $1,962-$1,964, on the way to the supply zone at $1,970-$1,972.
On the other hand, any positive move above the $1,912-$1,913 range or the current Asian session high could face resistance near the $1,924-$1,925 area before reaching $1,936. A sustained upward momentum could lead to a short-term rally towards the barrier at $1,962-$1,964, on the way to the supply zone at $1,970-$1,972.
評論:
Friday, the U.S. Department of Commerce said its core Personal Consumption Expenditures price index increased 0.3% last month, compared to April's increase of 0.4%. The inflation rose in line with economists' expectations.
Meanwhile, inflation in the last 12 months rose 4.6%, down a tick from April's 4.7% increase. Annual inflation was slightly cooler than expected as economists forecasted an unchanged reading. However, looking at the broader trend, inflation remains stubbornly high, more than double the Federal Reserve's target of 2%.
Meanwhile, inflation in the last 12 months rose 4.6%, down a tick from April's 4.7% increase. Annual inflation was slightly cooler than expected as economists forecasted an unchanged reading. However, looking at the broader trend, inflation remains stubbornly high, more than double the Federal Reserve's target of 2%.
✅Sell the $1,940-$1,937 range when the price hits the resistance area.
✖️Stoploss: $1,945.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!