GOLD 21/6 : Gold still shows no signs of cooling down
gold (XAU/USD) fades to a two-day downtrend as it recovers from intraday lows amid a market pullback. Overall, though, the yellow metal looks indecisive amid mixed catalysts around the US Federal Reserve and China, as well as market inaction.
gold breached two key short-term supports around $1936 and $1931 respectively. However, the $1,930 round figure and previous low around $1,925 keep XAU/USD bearish on an important day.
gold breached two key short-term supports around $1936 and $1931 respectively. However, the $1,930 round figure and previous low around $1,925 keep XAU/USD bearish on an important day.
Comment:
The material jumbles gold prices with a three-week descending support line, around $1920 at press time.
That said, the near oversold conditions of the Relative Strength Index (RSI) line, set at 14, suggest that XAU/USD has picked a bottom, which suggests a recovery in gold prices. correction to the mid-$1,900 level.
However, the convergence of the 200 Exponential Moving Average (EMA) and the downward sloping trendline from June 2, close to the $1,965 level by press time, seems to be a key hurdle in the term. short for the bulls to cross the XAU/USD.
That said, the near oversold conditions of the Relative Strength Index (RSI) line, set at 14, suggest that XAU/USD has picked a bottom, which suggests a recovery in gold prices. correction to the mid-$1,900 level.
However, the convergence of the 200 Exponential Moving Average (EMA) and the downward sloping trendline from June 2, close to the $1,965 level by press time, seems to be a key hurdle in the term. short for the bulls to cross the XAU/USD.
Comment:
⭐️Make a trading plan:
✅Sell the $1,943-$1,945 range when the price hits the resistance area.
✖️Stoploss: $1,950
✅Sell the $1,943-$1,945 range when the price hits the resistance area.
✖️Stoploss: $1,950
Comment:
Gold is facing a major threat of high interest rates, but safe-haven demand and surging demand for jewelry should boost gold prices somewhat. FOMO syndrome (not afraid of missing out) will dominate gold during the economic downturn in the second half of this year. This will cause a sell-off in the stock market.
Comment:
From a technical perspective, a pullback near below the 100-day Simple Moving Average (SMA) could be seen as a fresh trigger for bearish traders and add further credence to the trend. negative outlook. . Furthermore, the oscillators on the daily chart are in a bearish zone and still far from being oversold.
✅Buy the $1,922-$1,920 range when the price hits the resistance area.
✖️Stoploss: $1,915
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!