Gold price (XAU/USD) is showing upside moves around $1930.00 during the European session.
The US Dollar Index (DXY) fell after a less confident recovery near 102.16 as the impact of dovish comments from the Fed Bostic and Chicago Fed President Austan Goolsbee softened the impact of the testimony. Jerome Powell's hawk. In contrast to the USD Index, Treasury yields have rebounded sharply. Yields on 10-year US Treasuries rose to nearly 3.75%.
Gold price is consistently defending the horizontal support of a Descending Triangle chart pattern formed on a two-hour scale, set from the May 30 low at $1,932.12.
The Relative Strength Index (RSI) (14) is hovering in a falling range of 20.00-40.00, which suggests that bearish momentum has been triggered.
The US Dollar Index (DXY) fell after a less confident recovery near 102.16 as the impact of dovish comments from the Fed Bostic and Chicago Fed President Austan Goolsbee softened the impact of the testimony. Jerome Powell's hawk. In contrast to the USD Index, Treasury yields have rebounded sharply. Yields on 10-year US Treasuries rose to nearly 3.75%.
Gold price is consistently defending the horizontal support of a Descending Triangle chart pattern formed on a two-hour scale, set from the May 30 low at $1,932.12.
The Relative Strength Index (RSI) (14) is hovering in a falling range of 20.00-40.00, which suggests that bearish momentum has been triggered.
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🟢Operational strategy
✅Buy the $1,915-$1,913 range when the price hits the resistance area.
✖️Stoploss: $1,910