Gold's correction to continue its uptrend
💥The gold market is being greatly affected by the Fed's policy stance on the length of time it takes to cut interest rates. Experts say that US inflation reports are still not as expected. Thereby, the timing of the Fed's interest rate cut is unclear.
💥Gold's recovery over the past several months has been largely driven by central bank buying, especially demand from Chinese investors. However, gold becomes more difficult as central banks around the world are starting to diversify the USD with assets that have other redeemable values besides gold. These factors will certainly hinder the momentum for gold going forward.
💥In the long term, despite the Fed's tough arguments on monetary policy in recent times, gold will still maintain its upward momentum in the coming time. Analysts on Wall Street believe that the market must lose more time than expected for the Fed to determine for sure whether inflation has actually decreased or not. Therefore, gold will remain stuck in monetary policy for quite a long time.
💥Technically, gold is trading around EMA 34 of the D1 time frame, showing that the recent two-day consecutive price decrease has not completely reversed the main trend of gold. The strongest retracement level that can be reached today is 2305. In the opposite direction, gold price can be pushed to the highest level of 2370
Support: 2325 - 2311 - 2305
Resistance: 2355 - 2370 - 2397
Breakout and retest: 2374 - 2320
SELL price range 2370 - 2420 stop 2375
BUY price range 2321 - 2419 stop 2315 (scalping)
BUY price range 2305 - 2303 stop 2300
💥Gold's recovery over the past several months has been largely driven by central bank buying, especially demand from Chinese investors. However, gold becomes more difficult as central banks around the world are starting to diversify the USD with assets that have other redeemable values besides gold. These factors will certainly hinder the momentum for gold going forward.
💥In the long term, despite the Fed's tough arguments on monetary policy in recent times, gold will still maintain its upward momentum in the coming time. Analysts on Wall Street believe that the market must lose more time than expected for the Fed to determine for sure whether inflation has actually decreased or not. Therefore, gold will remain stuck in monetary policy for quite a long time.
💥Technically, gold is trading around EMA 34 of the D1 time frame, showing that the recent two-day consecutive price decrease has not completely reversed the main trend of gold. The strongest retracement level that can be reached today is 2305. In the opposite direction, gold price can be pushed to the highest level of 2370
Support: 2325 - 2311 - 2305
Resistance: 2355 - 2370 - 2397
Breakout and retest: 2374 - 2320
SELL price range 2370 - 2420 stop 2375
BUY price range 2321 - 2419 stop 2315 (scalping)
BUY price range 2305 - 2303 stop 2300
Comment:
Comment:
resiatance 2355 + 50 pips
Comment:
+ 200 pips SELL 2355-2353
Gold fell nearly 4% in the previous two trading days and touched its weakest level in two weeks below $2,330 on Thursday. As US Treasury bond yields stabilize on Friday, XAU/USD stages a correction toward $2,340 but remains on track to post large weekly losses.