Gold slipping into Multi-Week Support
Updated
The Federal Reserve's tightening cycle seems to have strengthened the bond market, with 2-year yields near 5.0%, just below last month's peak of 5.11%. This appears to have bolstered the DXY (USD) index.
Meanwhile, recent volatility in gold has eased, but it has seen some increases in recent trading sessions, suggesting uncertainty in the market and significant price changes could be on the horizon.
Meanwhile, recent volatility in gold has eased, but it has seen some increases in recent trading sessions, suggesting uncertainty in the market and significant price changes could be on the horizon.
Note
BUY XAUUSD zone 1899 - 1902SL: 1896
TP: 1905
TP: 1908
Trade closed: target reached
It's Hit TP2 + 90pips 🧃🧃🧃Note
Immediate support is the 38.2% Fibonacci retracement level at 1903. A confirmatory close under this point exposes the midpoint at 1848. Otherwise, in the event of a turn higher, keep a close eye on the falling trendline from April. This could hold as resistance, maintaining the near-term downside focus.Note
🔹JP_Morgan shares lose $11 billion in one day, and General Motors shares fall to their lowest level in two months.Note
Last night, gold prices penetrated the key support level of $1,900. Precious metals are fluctuating at the lowest prices in more than 5 months.
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