📌 Driving events
Beth Hammack, president of the Federal Reserve Bank of Cleveland, stressed that the current US government's policies make it increasingly challenging for the Federal Reserve to effectively guide the economy and fulfill its dual mission of maintaining price stability and full employment. She also warned that the risk of a stagflationary environment (characterized by stagnant growth and persistent inflation) is rising. In contrast, Alberto Musalem, president of the Federal Reserve Bank of St. Louis, recently said that the current monetary policy stance is still appropriately adjusted.
Despite rising US Treasury yields, gold has struggled to gain support, indicating that higher yields alone are not enough to drive safe-haven demand under the current circumstances.
However, global monetary easing policies may provide support for this precious metal. In the latest moves during the Asian trading session, the People's Bank of China (PBoC) cut its benchmark interest rate, followed by the Reserve Bank of Australia (RBA) unexpectedly cutting the cash rate from 4.10% to 3.85% - moves that usually support non-yielding assets such as gold.
📊Comment Analysis
Spot gold prices have extended gains in recent intraday trading, taking advantage of its stability above EMA50 and trading along a bullish trend line on a short-term basis, strengthening its ability to reach the main resistance level of $3,300 and break it. Some weak signals have appeared on technical indicators. We noticed that a negative overlap signal has formed on the RSI, and after reaching overbought levels, this indicates that a temporary adjustment is needed on the upward action. Therefore, gold has reduced some of its early gains and waited for clearer signals to continue the bullish trend.
💰Strategy Package
🔥Sell Gold Zone: 3354-3356 SL 3361
TP1: $3345
TP2: $3332
TP3: $3320
🔥Buy Gold Zone: $3252 - $3250 SL $3245
TP1: $3260
TP2: $3270
TP3: $3280
⭐️ Note: Labaron hopes that traders can properly manage their funds
- Choose the number of lots that matches your funds
- Profit is 4-7% of the fund account
- Stop loss is 1-3% of the fund account
I share various trading signals every day, and real-time signals will be pushed flexibly according to market dynamics. Followers who follow me can get high returns every day. If you want stable returns, you can contact me
t.me/+arTT14Fe44tkMzAx
t.me/+arTT14Fe44tkMzAx
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.
I share various trading signals every day, and real-time signals will be pushed flexibly according to market dynamics. Followers who follow me can get high returns every day. If you want stable returns, you can contact me
t.me/+arTT14Fe44tkMzAx
t.me/+arTT14Fe44tkMzAx
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.