💥Gold prices extended their decline on Wednesday. The yellow metal's potential for further upside may be limited as the FOMC minutes are understood to be significantly more hawkish than previous releases.
💥The future direction of gold may depend on the results of the FOMC Minutes. Technical indicators in the daily chart suggest an extension of the ongoing correction, as indicators retreat sharply from indexes near overbought levels, maintaining a solid bearish slope at positive levels. pole. The potential downside target and key support zone is around $2,338, where the pair has its lowest level in the last three weeks. Meanwhile, the EMA 34 and EMA 89 are showing a downward slope in the h2 time frame, and the price is trading below the two EMA lines, showing that the downtrend will last at least until next week.
💥PLAN trading May 23
Support: 2352 - 2337 - 2321
Resistance: 2383 - 2400 - 2413
SELL price range 2380 - 2382 stop 2385
BUY price range 2338 - 2336 stop 2333
💥The future direction of gold may depend on the results of the FOMC Minutes. Technical indicators in the daily chart suggest an extension of the ongoing correction, as indicators retreat sharply from indexes near overbought levels, maintaining a solid bearish slope at positive levels. pole. The potential downside target and key support zone is around $2,338, where the pair has its lowest level in the last three weeks. Meanwhile, the EMA 34 and EMA 89 are showing a downward slope in the h2 time frame, and the price is trading below the two EMA lines, showing that the downtrend will last at least until next week.
💥PLAN trading May 23
Support: 2352 - 2337 - 2321
Resistance: 2383 - 2400 - 2413
SELL price range 2380 - 2382 stop 2385
BUY price range 2338 - 2336 stop 2333
Note
Gold price extends the downside on Fed's hawkish stanceGold price trades with a negative bias on Thursday. The hawkish stance of the FOMC minutes from last month's meeting might cap the precious metal’s upside. Investors will focus on the first reading of US PMI data for May, due on Thursday.
Note
Gold extends slide below $2,350 as US yields push higherGold stays on the back foot and trades at its lowest level in over a week below $2,350. The benchmark 10-year US Treasury bond yield rises more than 1% following the stronger-than-forecast PMI data from the US, forcing XAU/USD to stretch lower.
Note
Gold prices remain under pressure from the hawkish FedGold prices are trading in a negative trend due to a stronger USD on Friday. The longer-term story of higher US interest rates weighs on gold.
2305 is the next level gold reaches today. There are no clear signs of price recovery yet
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Note
plan BUY runningNote
Trade closed: target reached
Note
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