GOLD - Gold price forecast to increase, buying opportunity
Updated
Gold Price grinds higher as mixed US data test hawkish Federal Reserve concerns.
Gold Price rose the most in a fortnight on Friday after the United States inflation clues and spending figures failed to back the hawkish Federal Reserve (Fed) concerns. Even so, the upbeat United States growth figures versus the mixed European number defend the US Dollar bulls and weigh on the XAU/USD ahead of the key week.
In the last week, the US Gross Domestic Product (GDP) Annualized, mostly known as the Real GDP, grew at the 2.0% rate for the first quarter (Q1) of 2023 versus 1.3% initial estimation. Further, the Fed’s preferred inflation gauge, namely the US Personal Consumption Expenditure (PCE) Price Index, for May, came in at 0.3% MoM and 4.6% YoY versus market expectations of reprinting the 0.4% and 4.7% figures for monthly and yearly prior readings.
A clear rebound from the five-week-old bearish channel’s support joined the upside break of a fortnight-old descending resistance line, now immediate support around $1,913, to tease the short-term XAU/USD bulls.
XAUUSD BUY 1910 - 1912💯💯
✅ TP1: 1917
✅ TP2: 1922
✅ TP3: 1926
🛑 SL: 1905
Gold Price rose the most in a fortnight on Friday after the United States inflation clues and spending figures failed to back the hawkish Federal Reserve (Fed) concerns. Even so, the upbeat United States growth figures versus the mixed European number defend the US Dollar bulls and weigh on the XAU/USD ahead of the key week.
In the last week, the US Gross Domestic Product (GDP) Annualized, mostly known as the Real GDP, grew at the 2.0% rate for the first quarter (Q1) of 2023 versus 1.3% initial estimation. Further, the Fed’s preferred inflation gauge, namely the US Personal Consumption Expenditure (PCE) Price Index, for May, came in at 0.3% MoM and 4.6% YoY versus market expectations of reprinting the 0.4% and 4.7% figures for monthly and yearly prior readings.
A clear rebound from the five-week-old bearish channel’s support joined the upside break of a fortnight-old descending resistance line, now immediate support around $1,913, to tease the short-term XAU/USD bulls.
XAUUSD BUY 1910 - 1912💯💯
✅ TP1: 1917
✅ TP2: 1922
✅ TP3: 1926
🛑 SL: 1905
Note
Hit TP1 +100Pips ✅Note
HIT FULL TP +160PIPs ✅
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