XAUUSD Morning trading session.
Updated
⚡️The yellow metal saw some gains in recent sessions as strong inflation and economic activity data failed to convince markets that a U.S. interest rate hike was imminent. But gains were also limited as the dollar raced to six-month highs on the data.
⚡️Bullion prices are also expected to see some safe haven demand amid concerns over a U.S. government shutdown, as top Republican lawmakers spar over defense spending and broader fiscal spending cuts.
Lawmakers have about two weeks to pass a new spending bill and avert a shutdown.
⚡️But historically, gold has seen little gains during past shutdowns. The 2018-2019 shutdown- which was the longest government shutdown in history, only elicited a $20 bump in gold prices over 35 days.
⚡️ The basic H1 frame has formed the left shoulder and head, the RSI strength index is above 50, we can wait for the price to break out of the neck area, and retest to set up a nice Sell order according to the model, or when we reach the neckline we will set up a small buy order.
⚡️Bullion prices are also expected to see some safe haven demand amid concerns over a U.S. government shutdown, as top Republican lawmakers spar over defense spending and broader fiscal spending cuts.
Lawmakers have about two weeks to pass a new spending bill and avert a shutdown.
⚡️But historically, gold has seen little gains during past shutdowns. The 2018-2019 shutdown- which was the longest government shutdown in history, only elicited a $20 bump in gold prices over 35 days.
⚡️ The basic H1 frame has formed the left shoulder and head, the RSI strength index is above 50, we can wait for the price to break out of the neck area, and retest to set up a nice Sell order according to the model, or when we reach the neckline we will set up a small buy order.
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