Gold lost its shine on strong US dollar. It hits an low of $3275 at the time of writing and is currently trading around $3273.
Rate Cut Expectations on the Rise
According to the CME Fed Watch tool, the chances of 25 bpbs rate cut in June 18th 2025 meeting have decreased to 60.70% from 61.10% a week ago.
Technical Analysis: Key Levels and Trading Strategy
Gold prices are holding below short term moving average 34 EMA and 55 EMA and above long-term moving averages (200 EMA) in the one hour chart. Immediate support is at $3270 and a break below this level will drag the yellow metal to $3232/$3168/$3100/$3000. The near-term resistance is at $3330 with potential price targets at $$3525/$3560.
It is good to sell on rallies around $3285-86 with a stop-loss at $3305 for a target price of $3230/$3200.
Rate Cut Expectations on the Rise
According to the CME Fed Watch tool, the chances of 25 bpbs rate cut in June 18th 2025 meeting have decreased to 60.70% from 61.10% a week ago.
Technical Analysis: Key Levels and Trading Strategy
Gold prices are holding below short term moving average 34 EMA and 55 EMA and above long-term moving averages (200 EMA) in the one hour chart. Immediate support is at $3270 and a break below this level will drag the yellow metal to $3232/$3168/$3100/$3000. The near-term resistance is at $3330 with potential price targets at $$3525/$3560.
It is good to sell on rallies around $3285-86 with a stop-loss at $3305 for a target price of $3230/$3200.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.