GOLD 3/7: Gold price in early June before a slight recovery

The gold price might not suffer significant losses due to the current economic challenges. The concerns about a global economic downturn, especially in China, could provide some support to the safe-haven precious metal and prevent more significant declines, at least for now. Market worries persist even after the release of a slightly better-than-expected Chinese Manufacturing Purchasing Managers' Index (PMI) for June, which recorded a reading of 50.5, slightly lower than the previous month's reading of 50.9. This could discourage traders from making new pessimistic bets on the gold price before important macroeconomic data is released in the US at the beginning of the next month.

Gold price today is fluctuating at $1910 - $1920. A slight rally is forming

SET up BUY GOLD at zone : $1910 - $1912 sl 1902

Based on EMA 34, EMA 89 moving average technical analysis indicator to trend on 7/3/2023

Comment:

+ 40 pips

Comment:

+ 200 pips, exactly entry 1911

Comment:

The price is sideways in the $1925-$1930 zone