Gold June 21: Market forecast for tonight's Fed meeting
Updated
XAUUSD All eyes are now on US Federal Reserve Chairman Jerome Powell's testimony amid heightened hawkish interest rate hike expectations and strong US economic data.The Fed's monetary policy report was released last Friday, so the focus will remain on the Powell hearing. Suggestions of further rate hikes from Powell and his implementation of credit tightening conditions will be closely watched.
Technical indicators have been predicting a deeper drop, especially as gold prices break $1,924.64, this month's low.
The Bears also dominate in the near term. The 4-hour chart shows that XAU/USD failed to break above the EMA 89. Technical indicators have eased their slide but remain in negative territory, reflecting growing selling interest.
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You might consider selling gold around 1952 - 1950
And my goal will be 1945 – 1940
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You might consider buying gold around 1914 - 1917
And my goal will be 1923 - 1930
Note: Fully install TP, SL to prioritize safety in trading and conquering the market.
Trade active
Morgan Stanley warns of a sudden turnaround in the US stock market this year.Trade active
Gold Price (XAU/USD) remains on the back foot as bears prod $1,930 support confluence with eyes on Fed Chair Jerome Powell’s bi-annual testimony.
Trade closed: target reached
Unfortunately, Gold only moved around the 1919 price area and returned to 1934 $. Missing 2 prices to reach my long buy zone
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