Gold fell after the FED kept interest rates unchanged in June
Updated
💥Gold prices (XAU/USD) gained positive traction for the third straight day on Wednesday and touched a new weekly high, around the $2,341-$2,342 region as US consumer inflation figures softened slightly.
💥Gold then fell sharply after data from the US Federal Reserve (FED) signaled there would only be one interest rate cut this year. in a context where inflation is still far from target.
💥The change in the Fed's forecast led to a slight increase in US Treasury yields, supporting the US Dollar (USD) after its overnight bounce from multi-day lows and further weakening prices. Yellow
💥Gold support is approaching at 2282. Gold prices could accelerate the decline after the $2,285 horizontal support is broken. That said, any further decline is likely to find some Support near the $2,300 mark before the $2,285 horizontal zone. Some further selling activity will be seen as fresh trigger for bearish traders and leave XAU/USD vulnerable to accelerating the decline towards the next relevant support near the $2,254-2,253 region. If gold trades above 2325 today, it will soon find higher levels such as yesterday's peak resistance area at 2340 and higher at 2355.
💥Gold then fell sharply after data from the US Federal Reserve (FED) signaled there would only be one interest rate cut this year. in a context where inflation is still far from target.
💥The change in the Fed's forecast led to a slight increase in US Treasury yields, supporting the US Dollar (USD) after its overnight bounce from multi-day lows and further weakening prices. Yellow
💥Gold support is approaching at 2282. Gold prices could accelerate the decline after the $2,285 horizontal support is broken. That said, any further decline is likely to find some Support near the $2,300 mark before the $2,285 horizontal zone. Some further selling activity will be seen as fresh trigger for bearish traders and leave XAU/USD vulnerable to accelerating the decline towards the next relevant support near the $2,254-2,253 region. If gold trades above 2325 today, it will soon find higher levels such as yesterday's peak resistance area at 2340 and higher at 2355.
Note
Support: 2305 - 2291 - 2286 - 2280- 2274Resistance: 2317 - 2321 - 2325 - 2333 - 2338
SELL scalp 2325 - 2327 stoploss 2330
BUY price range 2282 - 2280 stoploss 2276
SELL price range 2336 - 2338 stoploss 2342
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