Gold Retests to extend the downtrend
Gold prices stabilized after hitting a more than two-week low as concerns about escalating tensions in the Middle East subsided, while investors await key economic data to further clarify the timing of interest cuts. US capacity.
Markets are also paying attention to signals from the United States, with US inflation data and a Federal Reserve statement suggesting that there may not be a rate cut in June. Comments Recent reports from Fed officials have suggested there is no need for immediate interest rate cuts, reducing the appeal of interest-free gold. Markets now expect the Fed's first rate cut will most likely come in September. Markets will closely watch Thursday's US GDP data and fish consumer spending data. (PCE) on Friday for more information on the internal assessment of the US economy and the timing of cuts.
In the previous session, the S&P Global PMI was weaker than expected, sparking speculation that the Federal Reserve could cut interest rates. According to the US Department of Commerce, other data showed that business New home sales rose to a 6-month high. The data helped gold prices recover but overall PMI data is not a data that can be used to guide the market so it will only have an impact. short-term movement.
After gold fell sharply and gained support from the key technical area around 2295 for a medium-term uptrend, it has recovered and is currently trying to hold above the $2,330 level. The $2,330 price range is also an important technical level and if gold holds above it will likely continue to recover towards another important technical level of $2,365. Currently, technically speaking, gold still has all positive conditions with a medium-term trend from the EMA 34 and a long-term trend from the price channel. In bearish conditions, gold prices will be supported by the newly established bottom zone around 2293 and 2268. Bearish conditions are still preferred over rising again.
Support: 2300 – 2293 - 2268
Resistance: 2342 – 2365
Markets are also paying attention to signals from the United States, with US inflation data and a Federal Reserve statement suggesting that there may not be a rate cut in June. Comments Recent reports from Fed officials have suggested there is no need for immediate interest rate cuts, reducing the appeal of interest-free gold. Markets now expect the Fed's first rate cut will most likely come in September. Markets will closely watch Thursday's US GDP data and fish consumer spending data. (PCE) on Friday for more information on the internal assessment of the US economy and the timing of cuts.
In the previous session, the S&P Global PMI was weaker than expected, sparking speculation that the Federal Reserve could cut interest rates. According to the US Department of Commerce, other data showed that business New home sales rose to a 6-month high. The data helped gold prices recover but overall PMI data is not a data that can be used to guide the market so it will only have an impact. short-term movement.
After gold fell sharply and gained support from the key technical area around 2295 for a medium-term uptrend, it has recovered and is currently trying to hold above the $2,330 level. The $2,330 price range is also an important technical level and if gold holds above it will likely continue to recover towards another important technical level of $2,365. Currently, technically speaking, gold still has all positive conditions with a medium-term trend from the EMA 34 and a long-term trend from the price channel. In bearish conditions, gold prices will be supported by the newly established bottom zone around 2293 and 2268. Bearish conditions are still preferred over rising again.
Support: 2300 – 2293 - 2268
Resistance: 2342 – 2365
Trade active
Trade closed: target reached
Comment:
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
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Gold price recovers losses but keeps its range near $2,320 early Thursday. Renewed weakness in the US Dollar and the US Treasury yields allow Gold buyers to breathe a sigh of relief. Gold price stays vulnerable amid Middle East de-escalation, awaiting US Q1 GDP data.