Gold, CPI, Trendline breakout - Precious metals briefing

11 Ogo 2023

These developments are leaving the yellow metal in a precarious state heading into the final 24 hours of this week. On the daily chart below, gold appears to be confirming a breakout under a rising trendline from February.

From here, immediate support is the 38.2% Fibonacci retracement level at 1903. Pushing below this price opens the door to an increasingly bearish technical bias.

14 Ogo 2023

Nota

Yields on 10-year US government bonds last week increased continuously, from 4% to 4.138%/year, making gold less attractive.

15 Ogo 2023

Nota

Before the strength of the USD and bonds, speculators limited their holdings of precious metals, causing the world gold price to drop to 1,902 USD/ounce last night.

15 Ogo 2023

Nota

BUY XAUUSD zone 1899 - 1902

SL: 1896

TP: 1905
TP: 1908

16 Ogo 2023

Dagangan ditutup: sasaran tercapai

It's Hit TP2 + 90pips 🧃🧃🧃

16 Ogo 2023

Nota

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.

16 Ogo 2023

Nota

🔹JP_Morgan shares lose $11 billion in one day, and General Motors shares fall to their lowest level in two months.