Bears are dominating the entire market

27 Jun

☘️Gold prices hovered in a range just below the $2,300 mark during Thursday's Asian session and consolidated recent declines to a near two-week low touched the previous day. The Federal Reserve (Fed) has adopted a more hawkish stance and expects just one rate cut in 2024 at the end of its June policy meeting. Hawkish outlook for bond rate hike US Treasuries to a two-week high and the US Dollar (USD) to its highest since early May, are therefore seen as a drag on the unyielding yellow metal . Persistent geopolitical tensions and political instability, however, have provided some support for XAU/USD. The bears also seem reluctant to bet aggressively and prefer to wait for the release of the key US Personal Consumption Expenditures (PCE) Price Index on Friday. Meanwhile, Thursday's US economic data could create short-term opportunities later in the US session.

☘️From a technical perspective, the recent failure to build momentum above the 2334 resistance zone has caused sellers to push gold prices lower than 2300. Furthermore, the break of the uptrend line support Short-term decline near the $2,314 area has confirmed the negative short-term outlook. The downward pull on gold prices is strong, some subsequent selling below the horizontal support level of 2,285 USD is likely to drag Gold prices back to 2265.

☘️On the downside, any recovery attempt now appears to face resistance near the $2,312-2,314 support stop. Today the main resistance and price range of gold is around 2320-2322 with the resistance of the moving average EMA 34 and EMA 89 converging with gold's sharply falling break out point. The next upward move could lift the Gold price back to the 2,365 supply zone or back to the peak of 2,400. Gold first needs to close the daily candle above 2,334.

Support: 2290 - 2286 - 2270
Resistance: 2311 - 2321 - 2334


SELL price range 23011 - 2303 Stoploss 2316
BUY price range 2291 - 2289 Stoploss 2286


BUY price range 2271 - 2269 stoploss 2265
SELL price range 2320 - 2322 stoploss 2325

27 Jun

Nota

Gold bounces off $2,300 after traders take profit
Gold bounces off the psychologically important $2,300 level after another leg of selling. The pair continues to be pressured by a higher-for-longer outlook on interest rates – data on Friday could be key.

28 Jun

Nota

Gold price drifts lower ahead of US PCE Price Index, holds above $2,300 mark
Gold price struggles to capitalize on the overnight strong bounce from a two-week low. Fed rate cut uncertainty helps limit the USD corrective slide and caps gains for the metal. Traders also seem reluctant to place aggressive bets ahead of the key US PCE Price Index.