Gold prices fell mid-week due to the market's expectation of the FED raising interest rates in the June meeting. However, the Fed eased this concern during the weekend meeting, and gold prices returned to their rally.
Though the basic usage growth is declining slowly, the US development is still decreasing month-on-month, causing fear in the market.
Despite this, the market sentiment remains supportive of gold's momentum, and it is expected to hold its momentum this week with the 1950 support level in place.
If the 1982 price zone is broken and held, gold could rise to $2000 and possibly retest the threshold of 2025-2043 soon after.
SELL GOLD 2000 - 1998
Stoploss: 2005
Take profit 1: 1993
Take profit 2: 1988
Take profit 3: 1982
BUY GOLD: 1972 - 1970
Stoploss:
Take profit 1: 1975
Take profit 2: 1980
Take profit 3: 1990
Though the basic usage growth is declining slowly, the US development is still decreasing month-on-month, causing fear in the market.
Despite this, the market sentiment remains supportive of gold's momentum, and it is expected to hold its momentum this week with the 1950 support level in place.
If the 1982 price zone is broken and held, gold could rise to $2000 and possibly retest the threshold of 2025-2043 soon after.
SELL GOLD 2000 - 1998
Stoploss: 2005
Take profit 1: 1993
Take profit 2: 1988
Take profit 3: 1982
BUY GOLD: 1972 - 1970
Stoploss:
Take profit 1: 1975
Take profit 2: 1980
Take profit 3: 1990
Trade active:
Buy HIT TP1. running +55pips
