Gold analysis (June 24) How is GOLD after the sharp decline ?
Updated
đź“ŚOn Friday, when data released by S&P Global showed that the US PMI data for June was generally better than expected, the US Dollar strengthened and spot gold plummeted more than 38 USD. U.S. business activity hit a 26-month high in June amid a recovery in employment and a significant reduction in price pressures. The FED emphasized that more evidence of cooling inflation is needed before cutting interest rates. These statements supported the trend of the US Dollar during the week.
đź“ŚNotable economic data and events next week
Tuesday: US consumer confidence index
Wednesday: US new home sales index
Thursday: Final Q1 GDP, weekly jobless claims, core durable goods, US pending home sales index
Friday: PCE price index, personal income and spending
đź“ŚOn the h2 chart, after gold could not break the 2370 resistance zone to reach 2385, gold fell to 2320 after positive economic data from the US. Strong selling pressure brought gold prices back to a very important position. The important thing for the uptrend is that the rising trendline continues to be maintained.
đź“ŚIn terms of closing position, gold has conditions to continue to decline with a target level that could target the original price point of 2,300 USD in the short term if gold has a nice recovery to the important fibonacci areas around 2336 or 2343. In the opposite direction, gold can still maintain an uptrend if this support level of 2320 still holds and supports gold prices trading above 2343.
đź“ŚThe overall technical picture is constantly changing with very large price movements occurring regularly, and currently technical conditions are more supportive of the bearish possibility although there is still support in the pipeline. short term mentioned above.
Support: 2316 - 2311- 2300
Resistance: 2323 - 2337 - 2346
SELL zone 2335 - 2337 stoploss 2340
SELL zone 2346 - 2348 stoploss 2351
BUY zone 2311 - 2309 stoploss 2306
BUY zone 2302 - 2300 stoploss 2297
đź“ŚNotable economic data and events next week
Tuesday: US consumer confidence index
Wednesday: US new home sales index
Thursday: Final Q1 GDP, weekly jobless claims, core durable goods, US pending home sales index
Friday: PCE price index, personal income and spending
đź“ŚOn the h2 chart, after gold could not break the 2370 resistance zone to reach 2385, gold fell to 2320 after positive economic data from the US. Strong selling pressure brought gold prices back to a very important position. The important thing for the uptrend is that the rising trendline continues to be maintained.
đź“ŚIn terms of closing position, gold has conditions to continue to decline with a target level that could target the original price point of 2,300 USD in the short term if gold has a nice recovery to the important fibonacci areas around 2336 or 2343. In the opposite direction, gold can still maintain an uptrend if this support level of 2320 still holds and supports gold prices trading above 2343.
đź“ŚThe overall technical picture is constantly changing with very large price movements occurring regularly, and currently technical conditions are more supportive of the bearish possibility although there is still support in the pipeline. short term mentioned above.
Support: 2316 - 2311- 2300
Resistance: 2323 - 2337 - 2346
SELL zone 2335 - 2337 stoploss 2340
SELL zone 2346 - 2348 stoploss 2351
BUY zone 2311 - 2309 stoploss 2306
BUY zone 2302 - 2300 stoploss 2297
Trade active
Gold consolidates around $2,330 in quiet start to the weekAfter a quiet European session, Gold edges higher toward $2,330. Following Friday's sharp decline, XAU/USD manages to hold its ground as the benchmark 10-year US Treasury bond yield struggles to push higher, while the USD weakens on upbeat market mood.
Note
Plan SELL + 80 pipsNote
Note
Note
Gold price drifts lower ahead of US PCE Price Index, holds above $2,300 markGold price struggles to capitalize on the overnight strong bounce from a two-week low. Fed rate cut uncertainty helps limit the USD corrective slide and caps gains for the metal. Traders also seem reluctant to place aggressive bets ahead of the key US PCE Price Index.
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