The US Dollar's moderate strength is playing a role in limiting the rise of XAU/USD. Additionally, Federal Reserve Chair Jerome Powell, in his recent two-day testimony, emphasized that the central bank will likely increase interest rates later this year, but in a cautious manner, to address persistent high inflation. Powell also stated that rate cuts are not expected in the near future and the Fed will wait until it is confident that inflation is moving towards the target of 2%. As a result, US Treasury bond yields surged overnight, providing some support for the US Dollar and potentially further curbing the price of Gold denominated in US Dollars.
Gold price is approaching the lowest price in 2 months around $1910. The buying force at this time is not large, the downtrend is still dominant
SET up GOLD zone at:
BUY GOLD zone: $1903 - $1900 SL 1890
Based on the EMA 34 , EMA 89 shows no signs of reversal yet
Gold price is approaching the lowest price in 2 months around $1910. The buying force at this time is not large, the downtrend is still dominant
SET up GOLD zone at:
BUY GOLD zone: $1903 - $1900 SL 1890
Based on the EMA 34 , EMA 89 shows no signs of reversal yet
Note
on the right trackNote
The price is having a slight recovery to the level of $1919Trade closed: target reached
GOLD has almost hit my 2 targets at 1925 and 1937Note
We had a big win streak todayTrade closed: target reached
Gold Close at 1918$
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.