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Gold prices retreated during Tuesday's North American session after hitting an all-time high of $2,450. However, it fell below the April 12 high of $2,431 as the greenback recovered somewhat. XAU/USD trades around $2,420, after hitting a high of $2,433.
Fundamentally, in the short term, gold may continue to be affected by bearish market sentiment as investors take profits before the earnings report while lacking a new catalyst. The macroeconomic calendar had nothing relevant to offer on Tuesday, with another series of speeches from Federal Reserve (Fed) officials that failed to impress.
Technically, there is a flag pattern gradually forming that determines our medium-term outlook. Gold is consolidating around an important resistance level, the record peak was just recorded on May 20 (at 2,454.2 USD/ounce). Meanwhile, the nearest support level is 2,408.5 USD/ounce - the lowest level in the previous trading session. Then there is the psychological support level of 2,400 USD/ounce. In short, gold prices are being forced into a downtrend that is poised to break downtrend resistance and is poised to bet on growth in the near term.
Today, news from the US Federal Open Market Committee (FOMC) will release the Minutes of its latest meeting on Wednesday. Market participants hope for clarity on the timing of a monetary policy pivot, which policymakers have so far refused to provide. Personally, I am still optimistic that the bulls' return to 2,400 USD will still hold, supporting the long-term upward momentum of gold towards the expected high of 2,500 USD. And you?
Gold prices retreated during Tuesday's North American session after hitting an all-time high of $2,450. However, it fell below the April 12 high of $2,431 as the greenback recovered somewhat. XAU/USD trades around $2,420, after hitting a high of $2,433.
Fundamentally, in the short term, gold may continue to be affected by bearish market sentiment as investors take profits before the earnings report while lacking a new catalyst. The macroeconomic calendar had nothing relevant to offer on Tuesday, with another series of speeches from Federal Reserve (Fed) officials that failed to impress.
Technically, there is a flag pattern gradually forming that determines our medium-term outlook. Gold is consolidating around an important resistance level, the record peak was just recorded on May 20 (at 2,454.2 USD/ounce). Meanwhile, the nearest support level is 2,408.5 USD/ounce - the lowest level in the previous trading session. Then there is the psychological support level of 2,400 USD/ounce. In short, gold prices are being forced into a downtrend that is poised to break downtrend resistance and is poised to bet on growth in the near term.
Today, news from the US Federal Open Market Committee (FOMC) will release the Minutes of its latest meeting on Wednesday. Market participants hope for clarity on the timing of a monetary policy pivot, which policymakers have so far refused to provide. Personally, I am still optimistic that the bulls' return to 2,400 USD will still hold, supporting the long-term upward momentum of gold towards the expected high of 2,500 USD. And you?
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👨💻 XAUUSD BUY zone 2411 - 2408
🔹SL 2405
🔹TP 2416 - 2322 - 2330