Gold price slides to over one-week low amid hawkish Fed
For the second day in a row, there is some selling pressure on the gold price (XAU/USD), which on Wednesday in the Asian session hits a low of more than a week. In light of the US economy, remarks made on Tuesday by Federal Reserve (Fed) Governors Michelle Bowman and Lisa Cook indicated that the central bank is unlikely to begin its cycle of rate reductions very soon. The US Dollar (USD) gains momentum and the non-yielding yellow metal is weakened by the little increase in US Treasury bond yields brought about by the hawkish outlook.
Technically speaking, traders who are bearish are favored by the recent inability to profit from the strength that continued below the 72- H4 EMA and the subsequent decline. Prior to setting for any losses, it will still be smart to wait for a retest of the break of the short-term ascending trendline that is now serving as resistance, which is currently pegged near the $2,322 area. After that, it's possible for the XAU/USD to drop even lower than $2,300 and test the monthly swing low, which is located in the $2,287–2,286 range.
Conversely, it appears that any significant upswing will encounter significant resistance close to the 72-H4 EMA, which is presently located in the $2,330–2,342 area. This is in advance of Friday's swing high, around $2,368–2,369 range. Should the price of gold continue to rise above this level, it may move up toward the $2,387–2,388 midpoint and eventually reach the $2,400 psychological level.
Technically speaking, traders who are bearish are favored by the recent inability to profit from the strength that continued below the 72- H4 EMA and the subsequent decline. Prior to setting for any losses, it will still be smart to wait for a retest of the break of the short-term ascending trendline that is now serving as resistance, which is currently pegged near the $2,322 area. After that, it's possible for the XAU/USD to drop even lower than $2,300 and test the monthly swing low, which is located in the $2,287–2,286 range.
Conversely, it appears that any significant upswing will encounter significant resistance close to the 72-H4 EMA, which is presently located in the $2,330–2,342 area. This is in advance of Friday's swing high, around $2,368–2,369 range. Should the price of gold continue to rise above this level, it may move up toward the $2,387–2,388 midpoint and eventually reach the $2,400 psychological level.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.