Gold increased for the second consecutive trading day, the gold price once reached 2,320 USD. The market will receive the Federal Reserve's interest rate decision and US CPI data, which is expected to explode the market.
US CPI Data and Federal Reserve Decision Coming Soon. US May CPI data will be released a few hours before the Fed decision. If inflation stays stable, that could allow the dollar to start to gain traction first.
Fed shows policymakers expect policy rate cuts by a total of 75 basis points in 2024. An upward revision is possible as most policymakers say that they are in no rush to start reducing borrowing costs.
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.
Up to now, after the NF data was announced, the gold market has formed a short-term downtrend. and the recovery to form the DOW model is taking place quite perfectly in the h4 time frame. The recovery could reach the 34 EMA or higher the 89 EMA of the h4 frame with two notable resistance levels at 2325 and 2338. The Fed is likely to keep interest rates unchanged in June after today's meeting so The dollar will be strongly supported at least in the next 2 months. The market's downtrend could take gold to 2387 or deeper than the 2376 support level.
During trading periods with a lot of macro data and major events, sudden large price movements can completely disrupt any technical structure. At times when major events take place, technical analysis is no longer available, the market will depend on basic factors such as: Geopolitical developments, monetary policy, macro data. tissue,….
US CPI Data and Federal Reserve Decision Coming Soon. US May CPI data will be released a few hours before the Fed decision. If inflation stays stable, that could allow the dollar to start to gain traction first.
Fed shows policymakers expect policy rate cuts by a total of 75 basis points in 2024. An upward revision is possible as most policymakers say that they are in no rush to start reducing borrowing costs.
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.
Up to now, after the NF data was announced, the gold market has formed a short-term downtrend. and the recovery to form the DOW model is taking place quite perfectly in the h4 time frame. The recovery could reach the 34 EMA or higher the 89 EMA of the h4 frame with two notable resistance levels at 2325 and 2338. The Fed is likely to keep interest rates unchanged in June after today's meeting so The dollar will be strongly supported at least in the next 2 months. The market's downtrend could take gold to 2387 or deeper than the 2376 support level.
During trading periods with a lot of macro data and major events, sudden large price movements can completely disrupt any technical structure. At times when major events take place, technical analysis is no longer available, the market will depend on basic factors such as: Geopolitical developments, monetary policy, macro data. tissue,….
交易進行
交易結束：目標達成
RESISTANCe 2338 + 200 pips for plan SELL註釋
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交易結束：目標達成
交易進行
交易結束：目標達成
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