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GC1! (Gold Futures)

GOLD → The mood is shifting. Resistance is broken... FX:XAUUSD breaks through downside range resistance and consolidates in bullish territory, opening up potential at 2365-2387. Signs that the US labor and housing markets are cooling keep hopes for a September Fed rate cut alive, with an ECB rate cut helping to keep the gold price afloat. Another important nuance that makes investors wary: A meeting between the Russian President and the North Korean leader earlier this week, which confirms the tensions in geopolitics. For now, all eyes are on the S&P Global Manufacturing and Services in the U.S. and the Fed Monetary Policy Report, which may shed more light on the economic outlook There is still pressure on the market, but the price movement is detached from the dollar (correlation is decreasing), which indicates that the mood towards the metal is changing. Resistance levels: 2365, 2387 Support levels: 2354, 2340 Technically, traders may try to break the resistance of 2365, if it succeeds, and the probability is high enough, we can go to 2387, then we need to watch the price reaction to the area. In case of false breakdown there is a probability to return to the support. It is also worth taking into account the broken resistance that was not tested earlier Regards R. Linda!
FX:XAUUSDLong
by RLinda
14
GOLD limits recovery, after CPI, FOMC and Powell's statementOANDA:XAUUSD fell slightly during the Asian session on June 13, following the US CPI data report and the US Federal Reserve's interest rate decision. The 0.236% Fibonacci level limited the recovery momentum of gold price to keep it in the price channel. Data released by the US Bureau of Labor Statistics on Wednesday showed that the US consumer price index (CPI) in May increased 3.3% year-on-year, down from the previous value and the expected value is 3.4%; unchanged from the previous month, 0.1% lower than expected and also lower than the previous value. Values ​​slowed significantly to 0.3%, the lowest level since July 2022. Excluding food and energy costs, May core CPI increased 3.4% over the same period, lower than the expected 3.5% and lower than the previous 3.6%, the lowest level in more than 3 years. year; The increase in May increased from 0.3% in April to 0.2%, weaker than the 0.3% expected. These data coincide with a deceleration in core CPI in April and may represent the early stages of inflation returning to a downward trend. However, Fed policymakers have emphasized that they will need to see price pressures abate for several months before considering lowering interest rates, especially as the latest jobs report sparks a debate. discuss the extent of policy limitations. The report was released hours before the Federal Reserve ended its two-day policy meeting in Washington. The Federal Reserve left its benchmark interest rate unchanged at 5.25%-5.50% for the seventh straight time on Wednesday, in line with market expectations. The Fed's Dotplot chart shows that it is expected that the agency will only cut interest rates once in 2024. Markets expected the Fed to adopt more supportive policies, but US Federal Open Market Committee (FOMC) policymakers reduced plans to cut interest rates three times in March to 2 times after a 2-day meeting. The committee also signaled that it sees longer-term interest rates higher than previously suggested. The new forecast released after a two-day meeting this week showed inflation still on track to return to the Fed's 2% target, allowing for some policy easing later this year. The statement after the meeting said: "Inflation has eased over the past year but remains high." The only significant change is that the new statement continues to say that "more modest progress has been made in recent months toward the FOMC's 2% inflation target." While the previous statement was "lack of further progress" on inflation. On the same day Wednesday, Federal Reserve Chairman Jerome Powell emphasized in a press conference that the Fed was not yet confident in starting to cut interest rates, but also said that no one considered a rate hike an expectation. basic. Powell's statement can be interpreted as keeping interest rates high for longer but ruling out a rate hike. Overall assessment, CPI data has boosted gold prices in the short term, but after the FOMC announcement and Powell's statement reduced the possibility of gold price recovery because the USD became attractive, when the possibility of interest rates The high will last for a longer period of time. The fundamental picture after yesterday's trading day temporarily leans more towards the possibility of creating pressure on gold prices, but traders also need to pay attention to other unexpected impacts from geopolitical news. is still smoldering in many parts of the world. Gold is often supported when geopolitical risks escalate. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, after gold's recovery yesterday, it was capped by key resistance that readers noticed in the previous issue at the $2,340 - $2,345 area, the price range of this level. Fibonacci retracement 0.236%. Gold's fall below $2,324 continues to provide prospects for it to test the $2,300 base and once the $2,300 base is broken below gold will be eligible for a new bearish cycle. with the latter target around $2,286 in the short term, more than the 0.382% Fibonacci level. That said, the original price level of 2,300 USD is also the closest current support worth noting. During the day, the technical outlook for gold prices remains bearish with notable technical levels as follows. Support: 2,300 – 2,286USD Resistance: 2,324 – 2,340USD 🪙SELL XAUUSD | 2338 - 2336 ⚰️SL: 2342 ⬆️TP1: 2331 ⬆️TP2: 2326 🪙BUY XAUUSD | 2279 - 2281 ⚰️SL: 2275 ⬆️TP1: 2286 ⬆️TP2: 2291
OANDA:XAUUSD
by Xayah_trading
1
GOLD MARKET ANALYSIS AND COMMENTARY - [June 17 - June 21]OANDA:XAUUSD maintained a steady recovery before the weekend, but the overall trend remained unclear as US consumer confidence continued to decline and inflation expectations remained high. COMEX gold futures (including electronic trading) closed up 1.31% at $2,348.40/ounce, up 1.01% this week. On Friday, the University of Michigan's preliminary consumer confidence index fell to 65.6 from a revised 69.1 in May. The data was weaker than expected, with expectations for the index at around 72.1. The new divergence between the Fed's interest rate forecast and market expectations could bring some volatility to the gold market in the short term. The latest economic forecast shows the Federal Reserve will cut interest rates once this year, down from three as forecast in March. The Fed's interest rate forecast, also known as the Dotplot, shows the federal funds rate will be above 5.00% by the end of the year. “Inflation has eased over the past year but remains high,” the Fed said in its monetary policy statement. In recent months, inflation has made some progress toward the FOMC's 2% target. Gold should still receive good support as central banks remain solid buyers despite data from the People's Bank of China showing their gold reserves did not increase last month. China is the main driving force behind the increase in gold prices over the past year, and China's gold purchases have only been assessed as temporary and there has not been any move to show that they have "stopped". could also be a move to avoid paying a record high purchase price. Another piece of data worth noting is US Commodity Futures Trading Commission (CFTC) data showing that in the week to June 11, speculative net long positions in COMEX gold futures contracts decreased by 6,200 lots down to 177,549 lots. Economic data next week will be relatively soft, and the technical price trend of gold will receive more attention. The market will get some preliminary and regional manufacturing data as well as some US housing data. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, although gold recovered from the support level of 2,305 - 2,300 USD that readers noticed last week, in general the recovery momentum is still limited and the downtrend has not been broken. The recovery momentum of gold price is limited by the confluence area of ​​the technical point 2,345USD, the 0.236% Fibonacci retracement level, the upper edge of the price channel and the EMA21 moving average. In general, this will be the area where the gold price has all the important technical pressures for a technical downtrend. As long as gold remains below the EMA21 and within the price channel, the technical outlook for gold prices remains bearish, while if gold breaks below $2,324 it will have room for more downside with the following target level That's about 2,305 - 2,300USD in the short term. A new bearish cycle is expected to be ushered in once gold breaks below the original price of $2,300, and the subsequent short-term target level is $2,286 more than the 0.382% Fibonacci retracement level. Next week, the technical outlook for gold prices remains bearish with the following notable technical levels. Support: 2,324 – 2,305 – 2,300USD Resistance: 2,340 – 2,345USD 📌Short-term trading plan for next week (illustrated chart): In the immediate future, we will consider selling if the price rises to 2365, buying if the price drops to 2260.
OANDA:XAUUSD
by Xayah_trading
GOLD → Shake up and bounce from MA-200 (D1) FX:XAUUSD is testing range and trend resistance, forming a false break of 2340 and touching MA-200 (D1). In the meantime, the dollar is strengthening and doesn't look like it's ready to give up.... Traders are expecting Initial Jobless Claims to be relatively lukewarm towards the US market. If the figure is lower than expected, it will provide additional support to the market, which would be a negative scenario for the metal price. Technically, the price is in a downtrend. In relation to the range of 2340-2300 a false resistance breakout is formed (liquidity capture). The strong movement is similar to a shakeout in nature. A retest is possible before a further fall to the lower liquidity zone. There is still no strong buyer on the market. Resistance levels: 2340, 2358 Support levels: 2332, 2325, 2315 With a retest target, the price may return to 2340, but there is no reason for gold to break the resistance yet. Consolidation below 2332 will send the price to 2315. BUT, provided the news is negative for the dollar, gold could test the trend resistance with a breakout target. Regards R. Linda!
FX:XAUUSDShort
by RLinda
10
GOLD → Bears are holding 2332. Possible shake up...FX:XAUUSD rises on Tuesday and Wednesday amid unexpectedly weak news in the US market, but at the same time the dollar does not tend to fall. Today is a day off in the US and gold is creeping up towards resistance. The price is resting in the strong resistance area of 2332, the limit resistance level formed by the sellers does not let the price go beyond it. Consequently, a shake up and subsequent false breakout may occur relative to the level, which may lead to a strong fall and liquidation, as there is no strong buyer in the gold market and the fundamental background is weak. The market is within the descending channel, but in the phase of consolidation, which sooner or later will move into the realization (distribution) phase. Before that a retest of the trend resistance is possible (capture of additional liquidity) Resistance levels: 2332, 2340, 2356 Support levels: 2325, 2315, 2305 The overall situation is that we may see another bearish rally. There are no reasons to break the trend resistance at the moment. The most likely scenario is a false breakout under current circumstances. Regards R. Linda!
FX:XAUUSDShort
by RLinda
7
We remain wary of today’s gains on gold and silverSilver rose over 2% in Thursday’s Asian session, eventually prompting gold to try and catch up. Yet gold’s ‘rally’ was lacklustre in comparison, and with silver pausing near a resistance cluster, we’d prefer to fade fold below $2350 for a move lower. Silver has stalled around a high-volume node (HVN) and trend resistance. RSI (2) is overbought and prices have risen whilst volumes were lower. RSI (2) is also overbought for gold on this timeframe with lower volumes, and the monthly pivot point and weekly R1 pivot reside around 2350. Bears could fade into gold below $2350 and target the weekly pivot around $2320. They could also seek shorts on silver around current levels with $30 as an initial target. At which point, bulls could then seek evidence of a swing low around the monthly pivot point or $30 for long swing trade.
FX_IDC:XAUUSDShort
by CityIndex
GOLD will have unexpected fluctuationsOANDA:XAUUSD delivered immediately increased for the second consecutive trading day, gold price once reached 2,320 USD/ounce. Today (Wednesday), the market will receive the Federal Reserve's interest rate decision and US CPI data, which is expected to explode the market. The latest big news comes from ceasefire negotiations in the Middle East. An Israeli official said Israel had received Hamas's response to the ceasefire proposal through relevant mediators, but believed that Hamas had revised "all the fundamental content" of the proposal and Change the content of this proposal. The proposal outline was previously announced by US President Biden. Israel took this to mean that Hamas had rejected the ceasefire proposal. This news has helped gold attract some safe-haven buying activities, pushing gold prices higher in the context that the Dollar is still stronger. U.S. CPI Data and Federal Reserve Decisions Coming Soon US May CPI data will be released a few hours before the Fed's decision. If inflation stays stable, that could allow the dollar to start to gain traction first. Fed Chairman Jerome Powell will likely be asked about the data at a post-FOMC press conference. On Wednesday, the United States will release the May Consumer Price Index (CPI) report. US monthly CPI growth in May is expected to decline from 0.3% to 0.1%, but monthly core CPI growth is expected to remain steady at 0.3%. Additionally, US annual CPI growth in May is expected to remain unchanged at 3.4%, while core CPI growth is expected to decline from 3.6% to 3.5%. On Thursday, the FOMC will release its interest rate resolution and summary of economic expectations On Thursday, Federal Reserve Chairman Jerome Powell will hold a press conference on monetary policy. Given policymakers' stance of "higher interest rates for longer," the market is almost certain that the FOMC will not act at this week's meeting. So the focus will be on the post-meeting statement and the new interest rate forecast. In March this year, the Fed's Interest Rate Dotplot showed that policymakers predicted that the policy rate would be cut by a total of 75 basis points in 2024. An upward revision is possible. That's because most policymakers say they are in no hurry to start reducing borrowing costs. According to data from the Chicago Mercantile Exchange's "FedWatch" tool, the market expects the probability that the Federal Reserve will cut interest rates by 50 basis points this year is nearly 55%. Today is a very important trading day because it is directional from big data such as CPI and FOMC events, first gold and dollar will be affected by CPI data and then FOMC. If CPI data is better, this will boost the US Dollar but then if the FOMC shows the prospect of a rate cut then this will boost gold prices. A rather complicated trading day with two major events in the geopolitical context showing signs of supporting gold prices. Short comments will be sent to you as data and events are released, hopefully in time with your trading timing. Analysis of technical prospects for OANDA:XAUUSD Gold has recovered to above its original price of 2,300 USD, but it is temporarily limited as it has not yet reached the target level at the technical point of 2,324 USD, as noted by readers in yesterday's publication. However, the overall technical chart still shows a bearish picture with all the conditions from the main trend highlighted by the price channel and the main resistance from the confluence area of ​​the upper edge. price channel, 0.236% Fibonacci retracement level and EMA21. In case gold falls below the original price of 2,300 USD, the recovery cycle has generally ended with the target price reduction then being around 2,286 - 2,272 USD. As long as gold remains within the channel and below the EMA21, the technical outlook for gold prices remains bearish and notable levels are listed below. Support: 2,305 – 2,300 – 2,286USD Resistance: 2,324USD 🪙SELL XAUUSD | 2341 - 2339 ⚰️SL: 2345 ⬆️TP1: 2334 ⬆️TP2: 2329 🪙BUY XAUUSD | 2267 - 2269 ⚰️SL: 2263 ⬆️TP1: 2274 ⬆️TP2: 2279
OANDA:XAUUSD
by Xayah_trading
2
GOLD → Support retest within the triangle before the news...FX:XAUUSD continues to be under strong pressure from sellers on the back of a strong dollar. The market failed to overcome the 2325 area and is heading for a support retest. Ahead of the news (Core Retail Sales, Retail Sales), increased volatility is expected. Traders are expecting neutral-bullish data against the US market. If the figures are higher than expected, gold may head lower. The technical and fundamental background for gold is negative, there is no strong buyer in the market yet, the rising dollar does not allow traders to take premature steps. The focus is on consolidation boundaries, a breakout of one or another boundary or level may trigger strong sell-offs (or buys). Resistance levels: 2315, 2325, 2340 Support levels: 2305, 2295, 2287 The chart and fundamental background speaks for itself. The news may have a temporary bullish impact on the market, but I don't think it can turn the market around under the current circumstances. The overall bearish background for gold is likely to continue this time around. Regards R. Linda!
FX:XAUUSDShort
by RLinda
14
XAUUSD Channel Down leading to inevitable 1D MA100 test.Gold (XAUUSD) is failing to break above the 1D MA50 (blue trend-line) on successive tests and as long as it remains below it, the trend will be bearish. In fact the dominant pattern is a Channel Down and the last time we had such a formation was from December 28 2023 to February 14 2024. It was on that day (Feb 14) that the price bottomed exactly on the 1D MA100 (green trend-line) and initiated the incredible rally of March - April. As you can see, the two Channel Down patterns share similar characteristics. Both sequences experienced identical phases and the current one appears to be finishing phase (C) and on the next top test of the Channel Down, start phase (D), which should be the final and the one to deliver the 1D MA100 test. We expect that to be around 2260. Notice also how the 1D RSI sequences between the two fractals are also similar, in fact even more than the price action as the RSI filters out the more aggressive nature of the current price action. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSD
by TradingShot
1
GOLD → Is the market bearish and preparing for what?FX:XAUUSD has been facing strong bears since the opening of the session. The price returns under 2325 and forms a consolidation. Earlier there was a retest of a strong resistance area. The market is still bearish For the gold market the area of 2325 plays a key role at the moment. Bulls are not yet ready to overcome this area on the background of strong dollar and weak fundamental background for the metals market. A retest of 2325-2340 resistance is possible before further decline. As the market is still bearish and consolidation is forming, liquidation of buyers may follow in the nearest future. The prospective target is 2305-2290-2275. There is no news today, fundamental and technical background is negative. Resistance levels: 2325, 2340, 2356 Support levels: 2315, 2305, 2295 Technically, gold may test the local lows or even update the interim lows. There is still no strong buyer ready to fight against the whole market. The price is trading in a bearish range. Regards R. Linda!
FX:XAUUSDShort
by RLinda
9
GOLD recovers, but technical conditions lean bearish OANDA:XAUUSD recovering to above the price of 2,300 USD as of the time this article was being completed. The previous trading day, gold prices reached their largest decline in 3 and a half years due to data released by China and the United States. Gold prices fell about $83, or 3.5%, last Friday, the biggest one-day drop since November 2020, after a stronger-than-expected US jobs report dampened hopes for a interest rate cut in September, while news that China's central bank is delaying gold purchases caused the market to reduce bets on demand from China, one of the world's biggest gold buyers. . Market focus has shifted to the US consumer inflation report, released on Wednesday, the same day as the Federal Reserve's policy decision. The Fed is not expected to make any changes this week, focusing on comments from Fed Chairman Jerome Powell and changes to policymakers' economic forecasts. On the daily chart, gold is trying to recover above the $2,300 base price and a daily close above this base price would be a positive signal. To confirm, gold should maintain price activity above $2,305, a technical level noted by readers in Sunday's weekly edition. On the other hand, if gold moves below the original price level of 2,300 USD again, it will continue to be under technical pressure with the target level possibly aiming at the price point of 2,272 USD, the location of the 0.382% Fibonacci retracement. Holding above $2,305 would strengthen the case for a recovery with a target then around $2,324, a position that was also brought to the attention of readers in the weekly publication. During the day, the technical trend is still leaning more towards bearish possibilities, positions will be noticed again as follows. Support: 2,300 – 2,286 – 2,272USD Resistance: 2,314 – 2,324USD 🪙SELL XAUUSD | 2341 - 2339 ⚰️SL: 2345 ⬆️TP1: 2334 ⬆️TP2: 2329 🪙BUY XAUUSD | 2267 - 2269 ⚰️SL: 2263 ⬆️TP1: 2274 ⬆️TP2: 2279
OANDA:XAUUSD
by Xayah_trading
GOLD → Open gestalt 2280 but the price goes up, what's next?FX:XAUUSD closed last week in the plus side despite the negative fundamental backdrop, but the focus is on the consolidation that the price is in. Previous patterns indicate that consolidation, amid a bear market, could be followed by buyers liquidation, but there is always a BUT!!!! Relevant, gold is closing in a pat range of 2340-2325. . The market doesn't know where to move yet. So the big question is: where will the price go on Monday? The general background is bearish, accordingly, the pressure from sellers continues. Technically: If the 2340 resistance is broken, the price will head towards the descending channel resistance. BUT, if the support is broken, the new trading week may start with a decline towards 2300. From a fundamental point of view, gold has no support China has temporarily reduced purchases. But at the same time, a rather hot conflict in the Middle East and Eastern Europe may support the gold price. Against the backdrop of the rising dollar, gold traders may intensify the sell-off of the asset and strike another blow to the buyers who appeared in the range of 2290 - 2325. There is not much news in the coming week, but the focus is on: CPI (eur), Core Retail Sales & retail Sales, Initial Jobless Claims, S&P PMI and Fed Monetary Policy. The data is expected to be relatively lukewarm for the dollar, but the situation changes daily. Resistance levels: 2340, 2355 Support levels: 2325, 2305, 2290 Technically, the market maker has not yet reached the key liquidity below 2380, there are no strong and obvious preconditions for the medium term, it is worth paying attention to the daily price behavior. Regards R. Linda!
OANDA:XAUUSD
by RLinda
7
GOLD MARKET ANALYSIS AND COMMENTARY [June 10 - June 14]On the daily chart, gold has lost almost all of its technical points to a bullish structure, instead with a weekly close below the $2,300 base point opening up expectations for more downside with a target level. Short-term target is aimed at the 0.382% Fibonacci retracement level. The relative strength index (RSI) is pointing down but has not yet reached the oversold level, this shows that there is still room for price declines and the Fibonacci level of 0.382% may be suitable for a short-term upward correction when which RSI reached the oversold level. In the near future, if gold recovers to above 2,300 USD, it will have the necessary conditions to recover more with the target levels when moving above 2,300 USD being 2,324 - 2,345 USD. Thus, the original price of 2,300 USD is also the closest resistance currently. 📌The trading plan for next week will first consider selling if the price returns to around 2342, buying around the support mark of 2195.
OANDA:XAUUSD
by Xayah_trading
GOLD → Retest of resistance before possible decline to 2290FX:XAUUSD is forming the range of 2325 - 2290. In general, the market is bearish and the local bullish distribution that happened since the opening of the session may lead to a false breakdown and further decline Today at 15:00 GMT Fed Monetary Policy Report. I think it is worth paying attention to the Fed comments. As for Gold. All attention to the resistance area of 2315-2325. Most likely we should wait for a false breakdown, at the moment there is no potential to go up against a strong bear market. Against the background of the growth of the dollar index gold traders can strengthen the sales of gold. Consolidation of the price (after the false breakdown) below 2325 or below 2315 may lead the market down to 2300-2290. Resistance levels: 2325, 2340 Support levels: 2315, 2305, 2291 Friday may end with the price testing the resistance and returning to the boundaries of the sideways range, i.e. to the flat state. Regards R. Linda!
FX:XAUUSDShort
by RLinda
12
GOLD → Shakeout and false breakdown of 2325. PPI aheadFX:XAUUSD rises to 2340 on the back of yesterday's CPI and Powell's comments form a shakeup in the market and the price of the metal drops to 2308, forming a false breakdown of the key liquidity area of 2325. Today the market is expecting PPI (MoM) and Initial Jobless Claims. Producer Price Index is expected to be lower than last period 0.1% instead of 0.4%, but it all depends on the actual data. Mind you, yesterday the market got a CPI of 3.3%, versus the expected 3.4%. But Powell did not say anything interesting in the change of views and still sticks to the hawkish side. Technically, gold is breaking local upside support and forming a consolidation below 2325. If the data is bullish for the dollar, gold could continue to fall towards 2290-2265. Resistance levels: 2325, 2340 Support levels: 2305, 2291 Technically gold is showing weakness, but it reacts quite strongly to any small positive news. The whole emphasis on today's news, if the fundamental background remains negative, we will consider the targets below, if there are hints of a change in the background, we can consider price growth to 2340-2355. Regards R. Linda!
FX:XAUUSDShort
by RLinda
25
XAUUSD. Weekly trading levels 10.06.2024 - 14.06.2024During the week you can trade from these price levels. Finding the entry point into a transaction and its support is up to you, depending on your trading style and the development of the situation. Zones show preferred price ranges WHERE to look for an entry point into a trade. If you expect any medium-term price movements, then most likely they will start from one of the zones. Levels are valid for a week, the date is in the title. Next week I will adjust the levels based on new data and publish a new post. ! Please note that brokers have a difference in quotes, take this into account when trading. The history of level development can be seen in my previous posts. They cannot be edited or deleted. Everything is fair. :) ---------------------------------------------- I don’t play guess the direction (that’s why there are no directional arrows), but zones (levels) are used for trading. We wait for the zone to approach, watch the reaction, and enter the trade. Levels are drawn based on volumes and data from the CME. They are used as areas of interest for trading. Traded as classic support/resistance levels. We see the reaction to the rebound, we trade the rebound. We see a breakout and continue to trade on a rollback to the level. The worst option is if we revolve around the zone in a flat. Do not reverse the market at every level; if there is a trend movement, consider it as an opportunity to continue the movement. Until the price has drawn a reversal pattern. Don't forget to like Rocket and Subscribe!!! Feedback is very important to me!
FOREXCOM:XAUUSD
by Forex_Hoby
GOLD → CPI and FED. What to expect from the market? FX:XAUUSD is stopping after correction, traders are afraid to make premature decisions as news is ahead. A consolidation below 2315 is forming. False break of support leads the price to retest 2310-2315, after which traders take a breather before the news. All eyes remain on the upcoming big events, CPI and Fed. Key US CPI data will help shape the Fed's view on interest rates, which will significantly impact the value of the US dollar and gold prices in the near term. The market is expecting neutral (no change) data, which could generally keep the same fundamental backdrop. But, all eyes are on the actual data as the market is still confused by last Friday's higher NFP than expected. Nevertheless, any initial reaction to the US CPI data may be temporary as gold traders will quickly switch to the FOMC & FED meeting. Resistance levels: 2315, 2325, 2354 Support levels: 2305, 2291, 2267 Technically and fundamentally, gold is weak at the moment. On the background of high volatility, the price may try to break through 2325 and test the liquidity area of 2335-2345, then move to the decline phase, if the fundamental background is suitable for this. Risks of further decline are quite high, but the coming news can both strengthen this decline and break the market structure. Regards R. Linda!
FX:XAUUSD
by RLinda
13
Middle East heats up, GOLD recovers despite USD strengthDespite the strength of the US Dollar, spot gold OANDA:XAUUSD still increasing strongly and stably. Growing expectations of interest rate cuts by the Federal Reserve and falling US bond yields have provided bullish momentum for gold prices. In addition, tensions in the Middle East have stimulated gold prices to attract safe-haven buying. Benchmark 10-year U.S. Treasury yields fell 3 basis points to 4.297%, the lowest since April, after the U.S. ADP jobs report was weaker than expected. Data released Wednesday showed U.S. companies added fewer jobs than expected in May, consistent with a recent cooling trend in the labor market. Data released Wednesday by the ADP Research Institute, a subsidiary of private employment agency ADP, and the Stanford Digital Economy Lab show the number of private sector jobs in the United States. rose 152,000 in May. The median forecast of economists surveyed was for a rise of 175,000. Markets speculate that the slowing economy will create conditions for the Federal Reserve to cut interest rates this year. Traders in the federal funds futures market are betting that the Fed will cut interest rates by about 50 basis points by the end of the year. Iran's latest threat: Israel must "pay with blood"! Summary of content related to the situation in the Middle East: Hossein Salami, commander-in-chief of Iran's Islamic Revolutionary Guard Corps, threatened to retaliate against Israel on Wednesday (June 5). Earlier this week, Israel launched an attack in Aleppo, Syria, killing an Iranian adviser. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold continues to recover from the technical level that served as support noted by readers in the previous issue at $2,324. However, the upward momentum is temporarily limited by EMA21, an important technical point that is currently acting as the nearest resistance. For gold to have enough technical conditions for a wider price increase in the near future, it needs to surpass the EMA21 level and then the target level is noted at the original price point of 2,400 USD. Currently, the trend of gold prices is mainly to increase with the above conditions for price increase. During the day, the uptrend of gold prices will be noticed by the following technical levels. Support: 2,358 – 2,344 – 2,340 – 2,324USD Resistance: 2,375 – 2,400USD 🪙SELL XAUUSD | 2381 - 2379 ⚰️SL: 2385 ⬆️TP1: 2374 ⬆️TP2: 2369 🪙BUY XAUUSD | 2338 - 2340 ⚰️SL: 2334 ⬆️TP1: 2345 ⬆️TP2: 2350
OANDA:XAUUSD
by Xayah_trading
1