GOLD(06/20) Short-term uptrend has appeared

2024年6月20日

The US Dollar (USD) has paused its decline, supported by a risk-averse market environment and a slight increase in US Treasury yields. People's Bank of China (PBOC) keeps Interest unchanged prime lending rate, raising concerns about the lack of policy support to promote economic growth.

Markets are also nervous, awaiting more clarity on the state of the US economy from Thursday's Weekly Jobless Claims and Friday's preliminary business PMI report, which should help traders. Trading evaluates the timing of interest rate cuts by the US Federal Reserve (Fed) in the second half of this year.

If US Housing and Jobless Claims data disappoint and add to renewed dovish bets by the Fed, boosted by weaker-than-expected US Retail Sales data, the Dollar The US dollar could see a renewed selling pressure, creating further basis for Gold price momentum.

After breaking out 2340, gold retreated to the support zone 2333. This is an important support zone and enough to push gold back up to 2340 before the US economic data released today. Gold has formed a clearer uptrend after sideways from the beginning of the week until today.

Support: 2332 - 2325 - 2315 - 2305 - 2300 - 2291 - 2286
Resistance: 2340 - 2344 - 2350 - 2355

SELL price range 2353- 2355 stoploss 2359

BUY price range 2310-2312 stoploss 2307

2024年6月20日

注释

BUY GOLD now scalping 2333

2024年6月20日

注释

+ 300 pips for plan BUY

2024年6月21日

交易结束：到达目标

Hit FULL TP for Plan BUY
Gold glows as prices surge amid elevated US yields and strong US Dollar
Gold prices advanced sharply by more than 1% on Thursday during the North American session as US Treasury bond yields advanced to underpin the Greenback. Data from the United States was softer than expected, boosting traders' confidence that the Federal Reserve will ease policy at least twice in 2024.