GOLD (June 27) Shaken by Central Bank interest rate outlook
The gold market is expected to end June with a decrease of about $47, making it the worst month since February. Precious metal is reacting to central banks doubling down on hawkish rhetoric and ignoring Russia's chaotic situation. However, some analysts believe that geopolitical factors play a more important role in driving gold prices.
The central bank and governments are being criticized for maintaining loose monetary and fiscal policies for too long. This will be a hot topic at the ECB's annual conference in Sintra this week. Several G7 central bank governors will attend and may deliver a hawkish message, similar to what the Federal Reserve has done.
The psychological support level for gold remains at $1,900. It is advisable to place sell stop orders below $1,912 to create downward momentum below this level. Speculators betting on gold's rise will aim to close above $1,938.
The central bank and governments are being criticized for maintaining loose monetary and fiscal policies for too long. This will be a hot topic at the ECB's annual conference in Sintra this week. Several G7 central bank governors will attend and may deliver a hawkish message, similar to what the Federal Reserve has done.
The psychological support level for gold remains at $1,900. It is advisable to place sell stop orders below $1,912 to create downward momentum below this level. Speculators betting on gold's rise will aim to close above $1,938.
Operación cerrada: precio stop alcanzado:
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Comentarios:
From a technical standpoint, further selling below the $1,900 mark could trigger a price decline for Gold. The daily chart indicators are currently in negative territory, and it may take some time before they reach oversold levels. In that case, Gold prices could quickly drop to the $1,876-$1,875 range.
On the other hand, any positive move above the $1,912-$1,913 range or the current Asian session high could face resistance near the $1,924-$1,925 area before reaching $1,936. A sustained upward momentum could lead to a short-term rally towards the barrier at $1,962-$1,964, on the way to the supply zone at $1,970-$1,972.
On the other hand, any positive move above the $1,912-$1,913 range or the current Asian session high could face resistance near the $1,924-$1,925 area before reaching $1,936. A sustained upward momentum could lead to a short-term rally towards the barrier at $1,962-$1,964, on the way to the supply zone at $1,970-$1,972.
Comentarios:
Friday, the U.S. Department of Commerce said its core Personal Consumption Expenditures price index increased 0.3% last month, compared to April's increase of 0.4%. The inflation rose in line with economists' expectations.
Meanwhile, inflation in the last 12 months rose 4.6%, down a tick from April's 4.7% increase. Annual inflation was slightly cooler than expected as economists forecasted an unchanged reading. However, looking at the broader trend, inflation remains stubbornly high, more than double the Federal Reserve's target of 2%.
Meanwhile, inflation in the last 12 months rose 4.6%, down a tick from April's 4.7% increase. Annual inflation was slightly cooler than expected as economists forecasted an unchanged reading. However, looking at the broader trend, inflation remains stubbornly high, more than double the Federal Reserve's target of 2%.
Comentarios:
Retail trader data shows that 73.17% of traders are currently buying gold, with a long to short ratio of 2.73 to 1. The number of traders buying gold is 4.30% lower than yesterday and 2.28% lower than last week. On the other hand, the number of traders selling gold is 3.67% higher than yesterday and 4.74% higher than last week.
While most traders are buying gold, our contrarian view suggests that gold prices may continue to decline. However, it's worth noting that the number of traders buying gold has decreased compared to yesterday and last week. This change in sentiment indicates that the current downward trend in gold prices may soon reverse, despite the fact that traders are still mostly buying gold.
While most traders are buying gold, our contrarian view suggests that gold prices may continue to decline. However, it's worth noting that the number of traders buying gold has decreased compared to yesterday and last week. This change in sentiment indicates that the current downward trend in gold prices may soon reverse, despite the fact that traders are still mostly buying gold.
✅Buy order in the $1,923-$1,926 price zone when the support zone is approached.
✖️Stoploss: $1,920.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!