TradingView
HL-TradingFX
Jun 2, 2023 2:47 AM

GOLD (June 2) Optimistic about a pause in interest rate hikes 

GoldOANDA

Description

At 8:26 am this morning on June 2 in Vietnam time, the world gold price stood at $1,974, an increase of $8.24 compared to the same hour last morning. USD is forecasted to depreciate in the future. From there, they sold off the USD causing the currency to fall on a large scale. Gold price today has more conditions to go up.

Hansen's upbeat outlook for gold comes as the Bloomberg commodity index has fallen 13% this year, led by silver, copper and oil. Meanwhile, the price of gold has gained nearly 6%, last trading at $1,976. While weak commodity prices may ease inflationary pressures in the near term, fresh safe-haven demand remains the driving force for gold.

In the short term, Gold could be trading higher, approaching $1,980. But it will be difficult for gold to rise sharply, as the market is still speculating that the Fed will raise interest rates more and this will reduce the attractiveness of gold.

Comment


⭐️Make a trading plan:
✅Buy order in the $1,964-$1,966 price zone when the support zone is approached.
✖️Stoploss: $1,960.

✅Sell ​​the $1,990-$1,993 range when the price hits the resistance area.
✖️Stoploss: $1,997.

AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!
Comments
WCoffee
i do agree that i will rebound to around 1970s then shoot over the weekend
HL-TradingFX
@WCoffee, Tks, Let's follow along
DNA_BrianTrading
Beautiful chart! This idea has high chances of working.
HL-TradingFX
@DNA_BrianTrading, thanks mate
jpeacockfx
Nice work. Good job at marking up both possibilities!
Setupsfx_
Amazing work
TradingShot
Thank you. Great job. Thumbs up!
TradingBrokersView
Not the most common proposition based on the current market conditions. Generally, it is possible assuming all arguments work out, so thumbs up just for this!
HL-TradingFX
@TradingBrokersView, I don't quite understand what you mean
TheCryptagon
Possible scenario, we agree with you.
More