The bullish trend in gold prices became cautious before FED
Updated
Gold prices (XAU/USD) traded with a mildly negative bias entering the European session on Wednesday and retreated further from the vicinity of the all-time high retested today. before. Traders decided to trim their bullish bets following the recent strong rally witnessed over the past week or so and ahead of the Federal Reserve Chairman`s (Fed) congressional address ) Jerome Powell. Powell's comments will be closely scrutinized for further signals on the Fed's interest rate cut roadmap, which will play a key role in influencing the price dynamics of the US Dollar (USD) and creating The new directional impetus for the yellow metal is not profitable.
Additionally, traders on Wednesday will also be faced with the release of the US ADP report on private sector employment and JOLTS Job Openings data. This could further contribute to creating short-term opportunities around Gold prices ahead of the official monthly US employment details, commonly known as the Nonfarm Payrolls (NFP) report. ) on Friday. Meanwhile, worries about tensions in the Middle East, concerns about a slowdown in China and speculation that the Fed will start cutting interest rates in June are said to be weighing on the silver. green, will support precious metals.
Additionally, traders on Wednesday will also be faced with the release of the US ADP report on private sector employment and JOLTS Job Openings data. This could further contribute to creating short-term opportunities around Gold prices ahead of the official monthly US employment details, commonly known as the Nonfarm Payrolls (NFP) report. ) on Friday. Meanwhile, worries about tensions in the Middle East, concerns about a slowdown in China and speculation that the Fed will start cutting interest rates in June are said to be weighing on the silver. green, will support precious metals.
Note
💵XAUUSD SELL 2130-2132💵✔️TP 2126
✔️TP 2121
❌SL 2137
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