The US Dollar has seen some modest strength, which is helping to limit the rise of the XAU/USD. In addition, Federal Reserve Chair Jerome Powell, during his recent testimony, emphasized that the central bank plans to raise interest rates gradually to combat high inflation. Powell also stated that rate cuts are not expected in the near future and that the Fed will wait until they are confident that inflation is moving towards the target of 2%. As a result, US Treasury bond yields have increased, providing some support for the US Dollar and potentially keeping the price of Gold in USD from rising significantly.
Gold price today is fluctuating around the $1920 mark. The price range is not high
SELL zone : $1930 - $1935 SL 1945
Using 2 moving averages EMA 34, EMA 89 parallel to the stiff resistance areas at $1930 - $1935 and $1954 - $1957
Gold price today is fluctuating around the $1920 mark. The price range is not high
SELL zone : $1930 - $1935 SL 1945
Using 2 moving averages EMA 34, EMA 89 parallel to the stiff resistance areas at $1930 - $1935 and $1954 - $1957
Comment:
price is moving towards $1930, sell zone $1930 -$1932
Comment:
The main highlights this week are Powell's speech, US and UK GDP data, and inflation-related data in Germany, the European Union and the US. The published data will provide a better picture of the potential direction of the tools involved.
Trade active:
sell running 50pips
Comment:
sell tomorrow : + 110 pips
