Gold Spot / U.S. DollarUpdated GOLD-Short-term downtrend is formed
💥Gold prices (XAU/USD) rose sharply on Monday. A softer US dollar (USD) and renewed escalating geopolitical tensions in the Middle East provide some support for gold.
In the long term, the precious metal could be supported by growing gold demand from central banks. However, lower bets on a Federal Reserve (Fed) interest rate cut this year and a hawkish stance from Fed officials could cause some selling pressure on XAU/USD because it makes gold less attractive as a store of value when interest rates rise.
💥On Monday, US banks will be closed due to the Memorial Day bank holiday. Gold traders will get more cues from the Fed's speech on Tuesday. The first data on first-quarter US Gross Domestic Product (GDP) on Thursday will be in focus, with estimates expected to grow 1.5% in Q1. Stronger-than-expected data could boost greenback and put pressure on USD-denominated gold.
💥Gold is trading below the EMA 34 and 89 around the price level of 2443. Gold is on its way to the first resistance zone at 2353. When this resistance level is broken, 2370 will be where gold will encounter real obstacles. when you want to move up to 2400. In the opposite direction, when the gold price drops due to US economic factors, the support areas 2320 and 2305 will support the gold price to increase again.
💥Trading signals
BUY zone 2318-2320 SL 2315
BUY zone 2305-2303 SL 2300
SELL zone 2353-2355 SL 2360
SELL zone 2370-2372 SL 2375
In the long term, the precious metal could be supported by growing gold demand from central banks. However, lower bets on a Federal Reserve (Fed) interest rate cut this year and a hawkish stance from Fed officials could cause some selling pressure on XAU/USD because it makes gold less attractive as a store of value when interest rates rise.
💥On Monday, US banks will be closed due to the Memorial Day bank holiday. Gold traders will get more cues from the Fed's speech on Tuesday. The first data on first-quarter US Gross Domestic Product (GDP) on Thursday will be in focus, with estimates expected to grow 1.5% in Q1. Stronger-than-expected data could boost greenback and put pressure on USD-denominated gold.
💥Gold is trading below the EMA 34 and 89 around the price level of 2443. Gold is on its way to the first resistance zone at 2353. When this resistance level is broken, 2370 will be where gold will encounter real obstacles. when you want to move up to 2400. In the opposite direction, when the gold price drops due to US economic factors, the support areas 2320 and 2305 will support the gold price to increase again.
💥Trading signals
BUY zone 2318-2320 SL 2315
BUY zone 2305-2303 SL 2300
SELL zone 2353-2355 SL 2360
SELL zone 2370-2372 SL 2375
Trade active
active plan SELL GOLD scalpingNote
Gold price trades with mild gains, investors await US key dataGold price edges higher on Tuesday after bouncing off two-week lows of $2,325. The uptick of yellow metal is bolstered by the softer US Dollar and safe-haven flows amid the ongoing geopolitical tensions in the Middle East.
Trade closed: target reached
SELL 2355-2353 + 200 pips, congratulation
JOIN OUR FREE TELEGRAM GROUP t.me/+HARBQ2pBFaI5ZjI1
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
Related publications
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.
JOIN OUR FREE TELEGRAM GROUP t.me/+HARBQ2pBFaI5ZjI1
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
Related publications
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.