⭐️Fundamental analysis
The main reason for this weakness is the US dollar (USD) recovering slightly after hitting its lowest level since November. The USD's recovery was due to the market's reaction to the weaker-than-expected US jobs report, creating some pressure on the precious metal.
However, growing expectations that the US Federal Reserve (Fed) will conduct more interest rate cuts this year have pushed US Treasury yields lower. This could limit the USD's upside momentum, thereby helping gold prices avoid a deep correction.
In addition, concerns about the negative economic impact of former US President Donald Trump's trade tariff policies have also contributed to strengthening gold's safe-haven role. Therefore, investors may be more cautious before making a strong trading decision following the downtrend
⭐️Technical analysis
Gold price at the beginning of the week traded sideways in the range of 2899 and 2929, with the fluctuations at the beginning of the week, it is quite difficult for gold to break through this price range. If there is a break from the lower range, gold will find the next strong support zone of 2882. In the immediate future, pay attention to buying around 2899 when there are signs that the candle has not closed above this range. When breaking 2899, just wait to sell today
The main reason for this weakness is the US dollar (USD) recovering slightly after hitting its lowest level since November. The USD's recovery was due to the market's reaction to the weaker-than-expected US jobs report, creating some pressure on the precious metal.
However, growing expectations that the US Federal Reserve (Fed) will conduct more interest rate cuts this year have pushed US Treasury yields lower. This could limit the USD's upside momentum, thereby helping gold prices avoid a deep correction.
In addition, concerns about the negative economic impact of former US President Donald Trump's trade tariff policies have also contributed to strengthening gold's safe-haven role. Therefore, investors may be more cautious before making a strong trading decision following the downtrend
⭐️Technical analysis
Gold price at the beginning of the week traded sideways in the range of 2899 and 2929, with the fluctuations at the beginning of the week, it is quite difficult for gold to break through this price range. If there is a break from the lower range, gold will find the next strong support zone of 2882. In the immediate future, pay attention to buying around 2899 when there are signs that the candle has not closed above this range. When breaking 2899, just wait to sell today
Trade active
Entry BUY 2899 + 150 pips right now, congratualtionTrade closed: target reached
FULL TP for plan BUY and plan Sell. Do you folow my analysis
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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.
JOIN OUR FREE TELEGRAM GROUP t.me/+HARBQ2pBFaI5ZjI1
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
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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.