GOLD 06/10 The downtrend is still continuing
Updated
💥Gold prices (XAU/USD) entered a bearish consolidation phase and hovered near their lowest level in more than a month, below the $2,300 mark.
💥The widely known Nonfarm Payrolls (NFP) report showed that the world's largest economy created more jobs than expected in May, forcing investors to cut bets on the round. interest rate cut in September by the Federal Reserve (Fed). This kept US Treasury yields elevated and lifted the US Dollar (USD) to a near one-month high, which in turn, was seen as a headwind for the yellow metal failing to deliver. profit.
💥Gold will continue its downtrend. On the h4 chart, we can see that important support levels were broken and strong resistance areas were formed. The recovery level of gold today cannot exceed 2320 and the decline margin of gold is wider with the support level of 2370 being the break out area of the previous 2 months and the next around 2355 EMA 89 moving average of the daily frame.
Support: 2286 - 2280 - 2274 - 2268 - 2259
Resistance: 2308 - 2320 - 2329 - 2338
SELL price range 2320 - 2322 stoploss 2327
BUY price range 2270 - 2268 stoploss 2264
💥The widely known Nonfarm Payrolls (NFP) report showed that the world's largest economy created more jobs than expected in May, forcing investors to cut bets on the round. interest rate cut in September by the Federal Reserve (Fed). This kept US Treasury yields elevated and lifted the US Dollar (USD) to a near one-month high, which in turn, was seen as a headwind for the yellow metal failing to deliver. profit.
💥Gold will continue its downtrend. On the h4 chart, we can see that important support levels were broken and strong resistance areas were formed. The recovery level of gold today cannot exceed 2320 and the decline margin of gold is wider with the support level of 2370 being the break out area of the previous 2 months and the next around 2355 EMA 89 moving average of the daily frame.
Support: 2286 - 2280 - 2274 - 2268 - 2259
Resistance: 2308 - 2320 - 2329 - 2338
SELL price range 2320 - 2322 stoploss 2327
BUY price range 2270 - 2268 stoploss 2264
Trade active
Trade closed: target reached
Resistance 2308 + 80 pipsTrade active
Gold price seems vulnerable ahead of US CPI and FOMC decision on WednesdayGold price gained some positive traction on the first day of a new week and reversed a part of Friday's post-NFP slump to the $2,287-2,286 area, or over a one-month low. The uptick, however, remains capped in the wake of a bullish US Dollar, which tends to undermine demand for the USD-denominated commodity.
Trade closed: target reached
Plan SELL + 80 pipsTrade active
Gold price seems vulnerable, traders keenly await US CPI and FOMC policy decisionGold price struggles to capitalize on its modest gains registered over the past two days. Diminishing odds for a September Fed rate cut underpin the USD and act as a headwind. Investors now look to the US CPI and FOMC policy decision for a fresh directional impetus.
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