GOLD bank holiday!! slight recovery in gold price in early July

4 juil. 2023

The current stance of central banks favoring tighter monetary policies is expected to hinder the rise of gold prices. Additionally, the likelihood of a 25 basis points rate hike at the upcoming FOMC meeting, coupled with a more aggressive approach taken by major central banks, is likely to continue exerting pressure on the non-yielding gold price. Furthermore, the recent surge in global equity markets, indicating a higher appetite for risk, is expected to further limit the upward potential for gold, which is typically seen as a safe-haven asset. Therefore, it would be wise to wait for significant buying momentum before confirming that the XAU/USD has reached a short-term bottom and considering any substantial upward movement.

This week, it is predicted that the gold price is still recovering slightly, sideways around the $1910 - $1950 mark

Set up SELL GOLD price zone at: $1930 - $1932 sl $1945

Based on technical analysis indicators EMA 34, EMA 89 , resistance at $1930

4 juil. 2023

Note

price is approaching the resistance zone of $1930

4 juil. 2023

Note

Bank Holiday, low fluctuating running price

4 juil. 2023

Note

entry GOLD $1930 run