Precious metals rise in parallel channel

Today, the price of gold XAUUSD saw a slight increase in quiet trading due to the Independence Day holiday in the US. Currently, it stands at $1,925 per ounce, showing a $4 increase compared to yesterday morning.

The Federal Reserve's actions still have an impact on gold, and as interest rates continue to rise, gold may face challenges. However, if the US economy rapidly slows down or enters a recession, the Fed may change its stance, which would be favorable for gold prices since gold is a non-yielding asset.

Based on the technical chart, the gold price is following a parallel ascending channel, with both the peaks and troughs increasing. Therefore, it is recommended to prioritize a buying strategy at this time.

Comment:

In the context of the US National Day holiday, the dollar depreciates, the interest rate on US bonds is increasing

Comment:

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