XAUUSD ANALYSIS #GOLD #LIVE ANALYSIS 20-6-24
XAUUSD Update for 20-6-24🔺
Influencing Factors for XAUUSD on 20-6-24📌💹
Economic Data:📌🔻
US Retail Sales: Increased by only 0.1% in May, with April's figures revised down to -0.2%, indicating continued weak economic activity in Q2.
Fed Rate Cut Expectations: Markets now estimate a 67% probability of a Federal Reserve rate cut in September, up from 61% the previous day, with 48 bps of cuts expected this year.
Federal Reserve Stance
Inflation Caution: Fed policymakers remain cautious about inflation, requiring more signs of cooling before shifting to a policy-easing trajectory.
Gold Market Dynamics
Price Consolidation: Gold prices are consolidating previous gains, lacking fresh drivers for further upside.
Juneteenth Holiday Impact: Thin liquidity in the US Dollar due to the holiday might keep gold prices range-bound, but light trading conditions could also lead to exaggerated price movements.
Geopolitical Tensions
Middle East Conflict: Increased tensions following Israeli plans for an offensive in Lebanon and threats from Israeli Foreign Minister Israel Katz against Hezbollah.
Impact on Gold: Such geopolitical instability typically boosts demand for gold as a safe-haven asset, potentially driving prices higher.
🟢 Geo-political tensions could drive XAUUSD to higher price levels.
Trading Recommendations
🔻 Sell at:
$2385/$2407/$2424/$2442/$2469
Rationale: These levels are potential resistance points where selling pressure might emerge.
🔺 Buy at:
$2307/$2288/$2266/$2244/$2222
Rationale: These levels are potential support points where buying interest might increase.
Risk Management Tips
Set Stop-Loss Orders: To manage risk, consider placing stop-loss orders slightly above or below your entry points.
Monitor Market News: Stay updated on economic reports and geopolitical developments that could impact gold prices.
Influencing Factors for XAUUSD on 20-6-24📌💹
Economic Data:📌🔻
US Retail Sales: Increased by only 0.1% in May, with April's figures revised down to -0.2%, indicating continued weak economic activity in Q2.
Fed Rate Cut Expectations: Markets now estimate a 67% probability of a Federal Reserve rate cut in September, up from 61% the previous day, with 48 bps of cuts expected this year.
Federal Reserve Stance
Inflation Caution: Fed policymakers remain cautious about inflation, requiring more signs of cooling before shifting to a policy-easing trajectory.
Gold Market Dynamics
Price Consolidation: Gold prices are consolidating previous gains, lacking fresh drivers for further upside.
Juneteenth Holiday Impact: Thin liquidity in the US Dollar due to the holiday might keep gold prices range-bound, but light trading conditions could also lead to exaggerated price movements.
Geopolitical Tensions
Middle East Conflict: Increased tensions following Israeli plans for an offensive in Lebanon and threats from Israeli Foreign Minister Israel Katz against Hezbollah.
Impact on Gold: Such geopolitical instability typically boosts demand for gold as a safe-haven asset, potentially driving prices higher.
🟢 Geo-political tensions could drive XAUUSD to higher price levels.
Trading Recommendations
🔻 Sell at:
$2385/$2407/$2424/$2442/$2469
Rationale: These levels are potential resistance points where selling pressure might emerge.
🔺 Buy at:
$2307/$2288/$2266/$2244/$2222
Rationale: These levels are potential support points where buying interest might increase.
Risk Management Tips
Set Stop-Loss Orders: To manage risk, consider placing stop-loss orders slightly above or below your entry points.
Monitor Market News: Stay updated on economic reports and geopolitical developments that could impact gold prices.
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.