Gold fell lower than the US PCE price index
Gold prices are struggling to capitalize on a strong overnight recovery from a two-week low. Uncertainty about the Fed's rate cut helped limit USD's corrective slide and limit the metal's gains. Traders also seem reluctant to bet aggressively against the main US PCE Price Index.
Gold prices continue to decline despite the previous rally as the 14-day Relative Strength Index (RSI) remains below 50. Therefore, any recovery in gold prices continues to be an opportunity sell well. Adding to the downside potential, last week's 21-day Simple Moving Average (SMA) and 50-day SMA bearish crossover continue to act as resistance.
If the sellers extend their control, the $2,300 threshold will be tested again, below which the June low at $2,287 could come to the rescue of the buyers. Further down, the May 3 low at $2,277 comes into play. Additionally, gold prices need to surpass the 21-day SMA at $2,328 on the daily close to continue recovering from the month's low of $2,287. Further out, the 50-day SMA at $2,338 will be in focus, followed by the two-week high of $2,366.
🌐GOLD PLAN June 28
Price ranges to note:
Upper border breakout: 2331 - 2342
Lower border breakout: 2317 - 2312
Support: 2315 - 2304 - 2297 - 2294 - 2287 - 2270
Resistance: 2328 - 2331 - 2341 - 2346 - 2360
🟢BUY price range 2304 - 2302 stoploss 2298
🔴SELL price range 2340 - 2342 stoploss 2346
Scalping strategies will be applied when the resistance - support areas above have entry signals.
Note: Full TP, SL to be safe and win the market.
Gold prices continue to decline despite the previous rally as the 14-day Relative Strength Index (RSI) remains below 50. Therefore, any recovery in gold prices continues to be an opportunity sell well. Adding to the downside potential, last week's 21-day Simple Moving Average (SMA) and 50-day SMA bearish crossover continue to act as resistance.
If the sellers extend their control, the $2,300 threshold will be tested again, below which the June low at $2,287 could come to the rescue of the buyers. Further down, the May 3 low at $2,277 comes into play. Additionally, gold prices need to surpass the 21-day SMA at $2,328 on the daily close to continue recovering from the month's low of $2,287. Further out, the 50-day SMA at $2,338 will be in focus, followed by the two-week high of $2,366.
🌐GOLD PLAN June 28
Price ranges to note:
Upper border breakout: 2331 - 2342
Lower border breakout: 2317 - 2312
Support: 2315 - 2304 - 2297 - 2294 - 2287 - 2270
Resistance: 2328 - 2331 - 2341 - 2346 - 2360
🟢BUY price range 2304 - 2302 stoploss 2298
🔴SELL price range 2340 - 2342 stoploss 2346
Scalping strategies will be applied when the resistance - support areas above have entry signals.
Note: Full TP, SL to be safe and win the market.
Comment:
🟢Inflation rises in Tokyo during June, keeping the Bank of Japan on track to consider raising interest rates during early July, as inflation numbers in the capital serve as leading indicators for national data to be released next month.
Comment:
🟢US Federal Reserve Member Daly: The central bank's mission is not finished yet
US Federal Reserve Bank member from San Francisco, Mary Daly, said during an interview with CNBC on Friday that the slowdown in inflation indicates that the US central bank's monetary policy is working.
US Federal Reserve Bank member from San Francisco, Mary Daly, said during an interview with CNBC on Friday that the slowdown in inflation indicates that the US central bank's monetary policy is working.
Comment:
🟢US Federal Reserve Member Bowman confirms that the inflation target has not been achieved yet
Comment:
Next week, investors will continue to wait for information related to the US macroeconomy to be released, after last weekend's information showed that inflation in the US cooled down, reinforcing expectations about the Federal Reserve's announcement. The US Federal Reserve (FED) may cut operating interest rates in the second half of this year. This will positively impact the increase in gold prices.
Comment:
Technically, considering the short-term chart in the H1 frame, if next week the gold price breaks the Downtrend line, the price may move closer to the 2400 level.
In the opposite case, if the 2290 support area is broken, the gold price will fall to around the 2268 mark.
In the opposite case, if the 2290 support area is broken, the gold price will fall to around the 2268 mark.
