XAUUSD - Currently stuck at $1,950
Updated
Commerzbank's latest research suggests that the gold market may be stuck around the $1,950 mark for the rest of the summer as the Federal Reserve has yet to complete its interest rate hike. The updated forecast was released as August futures for gold traded at $1,959 a 0.25% decrease for the day. After reaching a three-week high last week, the gold market is seeing some modest profit-taking activities.
In their latest research report, Nguyen noted that hawkish monetary policies from the Federal Reserve will continue to be the dominant force for gold in the near future. Markets are anticipating a 25 basis point rate hike by the Federal Reserve by the end of this month, and forecasts from June suggest that the central bank may raise rates again after the summer.
In their latest research report, Nguyen noted that hawkish monetary policies from the Federal Reserve will continue to be the dominant force for gold in the near future. Markets are anticipating a 25 basis point rate hike by the Federal Reserve by the end of this month, and forecasts from June suggest that the central bank may raise rates again after the summer.
Note
In technical terms, gold futures speculators are in a short-term technical playing field, with both bullish and bearish players having momentum. The 9-week downtrend on the daily bar chart has been negated. The next bullish target for the speculators is to close the August futures contract above the strong resistance level of $2,000. The next bearish target is to push the futures contract below the strong technical support level of $1,900. The first resistance levels seen are at $1,968 and $1,975 respectively. The first support levels seen are at $1,954 and $1,950 respectively.Note
🐾 SELL XAUUSD zone 1970 - 1968⚠ Stop Loss : 1975
💲 Take Profit 1: 1955
💲 Take Profit 2: 1950
Trade active
⭐️Plan to SELL Successfully Runnings + 60pips 💲💲💲Note
US retail sales increased by 0.2% in June, following a 0.5% increase in May, according to the latest data from the US Department of Commerce. Economists had expected a 0.4% increase. Year-on-year, headline sales rose by 1.5%. Core sales, which exclude car sales, also fell short of expectations, rising by 0.2% compared to the expected 0.4% increase.
However, the report's control group, which excludes cars, gasoline, building materials, and food services, exceeded expectations, rising by 0.6% in the previous month. Economists were looking for a 0.3% increase.
Note
🐾 SELL XAUUSD zone 1990 - 1987⚠ Stop Loss : 1995
💲 Take Profit 1: 1975
💲 Take Profit 2: 1965
Trade active
⭐️SELL Runnings + 80pips 💲💲💲
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