GOLD fell as the trading week kicked off

已更新

Last week, world gold prices increased by 1.9% even though the Dollar Index, which measures the strength of the USD against a basket of six other major currencies, increased by 0.6%. Gold prices rose after statistics showing softening inflation in the US reinforced the possibility of the Federal Reserve (Fed) cutting interest rates in September.

After the CPI data dropped slightly, PPI also fell from 2.3% to 2.2% year-on-year, increasing the appeal of safe-haven assets as a hedge against inflation. The FOMC maintained its inflation forecast for 2024-2025, but the new dot plot shows at least one rate cut this year, applying some much-needed temporary pressure to gold prices.

Net gold positions on the COMEX have gradually declined since a peak on May 21, suggesting waning interest among money managers.

GOLD MARKET ANALYSIS AND COMMENTARY - [June 17 - June 21]

XAUUSD retreated from the support zone at around $2,300 with weak momentum and consolidated just below the resistance zone at $2,350.

If it sustains above $2,325, the price could test $2,350 and the high set on June 7. However, if it trends below the $2,300 support zone, XAUUSD could drop to the support level. next psychological aid.

Support: 2,300 – 2,288USD
Resistance: 2,325 – 2,335USD

🪙SELL XAUUSD | 2338 - 2336

⚰️SL: 2342

⬆️TP1: 2331
⬆️TP2: 2326

🪙BUY XAUUSD | 2279 - 2281

⚰️SL: 2275

⬆️TP1: 2286
⬆️TP2: 2291

注释

EDIT ENTRY

🪙SELL XAUUSD | 2351 - 2349

⚰️SL: 2355

⬆️TP1: 2344
⬆️TP2: 2339

🪙BUY XAUUSD | 2304 - 2306

⚰️SL: 2300

⬆️TP1: 2311
⬆️TP2: 2316

注释

At a press conference held on Monday, the European Central Bank's chief economist, Philip Lane, noted that in the event of sharp fluctuations in the euro's movements in the forex market, this will have an impact on the ECB's monetary policy decision.

注释

Gold prices fell on Monday (June 17), influenced by rising US bond yields, while investors waited for more US economic data and comments from Reserve officials. The US Federal Reserve (Fed) this week will have more signals about the outlook for monetary policy.

注释

GOLD traded slightly down, main technical trend

注释

🟢The dollar rises as more signals are awaited about the direction of US interest rates

The dollar rose today, Tuesday, as traders awaited an important report on US retail sales and statements from the US Federal Reserve, searching for clear signals about the timing and pace of reducing interest rates.

注释

➡️The dollar continues to be under pressure due to negative economic data

At the same time, the dollar was subjected to some pressure due to negative economic data, which raised concerns about the economic conditions within the United States, as the United States Census Bureau on Tuesday issued US retail sales data for the month of May, which was negative and below market expectations.

注释

🟢It is too early to say whether inflation is falling to 2%.
🟢It is appropriate for the US central bank to remain patient regarding monetary policy decisions.
🟢I have realistic optimism about economics and politics.

注释

➡️THE PERFORMANCE OF THE US DOLLAR NOW

During global market trading on Wednesday, the US dollar index (which measures the performance of the US currency against a basket of six other foreign currencies) witnessed a decline of 0.08% and reached the level of 105.165 points, affected by several factors

注释

World gold prices were little changed last night and this morning (June 20), when the US financial market was closed for a holiday and investors were still "hungry" hoping that the Fed could cut interest rates in September. 9. According to some experts, gold prices are unlikely to increase sharply in the short term, but the factors that support the price of this precious metal in the long term remain unchanged...

注释

World gold prices increased sharply in the trading session on Thursday (June 20), after statistics showing the weakness of the US economy reinforced the possibility that the Federal Reserve (Fed) would start interest rate cut in September this year. Some experts say bulls have regained the upper hand in the gold market and are aiming for the next target of prices above 2,400 USD/oz.

注释

This week, many important US economic reports will be published. In particular, investors' special attention will be paid to the personal consumption expenditure price index (PCE) report for May, expected to be announced by the US Department of Commerce on Friday. PCE - the Fed's preferred inflation measure - is forecast to continue to show a deceleration in inflation...

注释

- XAUUSD cannot sustain above 2,350 USD per troy ounce. Prices retraced and began consolidating around $2,300 per troy ounce, just above support.
- If XAUUSD sustains above $2,300 per troy ounce, the price could test $2,350 and the high set on June 7.
- However, if XAUUSD trends below the $2,300 per troy ounce zone, the price could drop to the next psychological support level.

注释

US officials fear that war could break out between Israel and Hezbollah, between political parties and heavily armed militias in Lebanon backed by Iran. The war in Gaza has stirred long-standing conflicts with Hezbollah and other Iran-backed proxy groups in the Middle East.

注释

On the international market, today's gold price reached 2,331 USD/ounce, an increase of 12 USD compared to the previous session. World gold prices increased when interest rates on 10-year US Treasury bonds decreased. This makes gold, which is a non-interest-bearing asset, more attractive to other investment channels.

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