Gold continues to rise after pulling back
Geopolitical tensions remain high, even as Federal Reserve officials continue to be hawkish. But gold continues to hold strong, with higher lows
Gold prices rose as investors awaited key U.S. inflation data later this week that could provide more clues on the Federal Reserve's policy path. Spot gold closed at around $2,194.0 an ounce. Fed Governor Waller said recent disappointing inflation data confirmed the Fed's rationale for suspending lowering its short-term interest rate target. In a speech prepared for an event at the Economic Club of New York, Waller said there was "no rush" to lower policy rates. He pointed out that recent data suggest that it would be prudent to maintain the current restrictive interest rate stance for perhaps longer than previously expected to keep inflation moving towards 2%.
Gold started its upward trend from near the 1984 line below, completed waves 3-5 near the 2222 line, and is currently in a 4-B wave rebound structure. Judging from the MACD indicator below, the volume energy begins to cross the zero axis from below, showing signs of weakening downward momentum. Overall, gold’s lows continue to rise and are expected to continue
At present, the MACD indicator on the 60-minute chart is still above the 0 axis, and it is still very strong if you go long.Gold's rise is currently encountering resistance. If the price falls back to $2195-2200, you can buy multiple orders.
Gold prices rose as investors awaited key U.S. inflation data later this week that could provide more clues on the Federal Reserve's policy path. Spot gold closed at around $2,194.0 an ounce. Fed Governor Waller said recent disappointing inflation data confirmed the Fed's rationale for suspending lowering its short-term interest rate target. In a speech prepared for an event at the Economic Club of New York, Waller said there was "no rush" to lower policy rates. He pointed out that recent data suggest that it would be prudent to maintain the current restrictive interest rate stance for perhaps longer than previously expected to keep inflation moving towards 2%.
Gold started its upward trend from near the 1984 line below, completed waves 3-5 near the 2222 line, and is currently in a 4-B wave rebound structure. Judging from the MACD indicator below, the volume energy begins to cross the zero axis from below, showing signs of weakening downward momentum. Overall, gold’s lows continue to rise and are expected to continue
At present, the MACD indicator on the 60-minute chart is still above the 0 axis, and it is still very strong if you go long.Gold's rise is currently encountering resistance. If the price falls back to $2195-2200, you can buy multiple orders.
Comment:
Not surprisingly, the price of gold has fallen back. It is currently focusing on the 2195-2200 US dollars range. If the price falls back to this range, you can go long with light positions.
Comment:
The price of gold hit a new high again after falling back, with the highest point reaching around US$2,225. However, the continued rise seems a bit weak. You can wait until the price falls back to the range of US$2,210-2,212 to go long. It is not recommended to buy long at high prices.
The price of gold hit a new high again after falling back, with the highest point reaching around US$2,225. However, the continued rise seems a bit weak. You can wait until the price falls back to the range of US$2,210-2,212 to go long. It is not recommended to buy long at high prices.