GOLD 4/7 !! The bulls are gradually regaining their position
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The current economic troubles may prevent the gold price from experiencing significant declines. Concerns about a global economic downturn, especially in China, could provide some support to gold as a safe-haven asset and prevent further losses, at least for now. Even though the Chinese Manufacturing Purchasing Managers' Index (PMI) for June was slightly better than expected at 50.5, it still reflects a slowdown compared to the previous month's reading of 50.9, maintaining market concerns. As a result, traders might refrain from making new pessimistic bets on the gold price until important macroeconomic data is released in the coming month.
The struggling economy provides some backing for the XAU/USD safe-haven. Weaker economic data coming from the United States raises questions about the need for the Federal Reserve to tighten policies further, putting USD bulls on the defensive and giving a boost to the price of Gold. It's important to note that the US Bureau of Economic Analysis recently reported that the annual PCE Price Index slowed down to 3.8% in May from the previous 4.3%, and the core gauge decreased to 4.6% in April from 4.7%.
Gold price prediction today remains stable in the $1920 price zone.
Set up GOLD PRICE at zone: $1920 - $1922 sl $1910
Based on EMA 34, EMA 89 moving average technical analysis indicator to trend on 7/4/2023
The struggling economy provides some backing for the XAU/USD safe-haven. Weaker economic data coming from the United States raises questions about the need for the Federal Reserve to tighten policies further, putting USD bulls on the defensive and giving a boost to the price of Gold. It's important to note that the US Bureau of Economic Analysis recently reported that the annual PCE Price Index slowed down to 3.8% in May from the previous 4.3%, and the core gauge decreased to 4.6% in April from 4.7%.
Gold price prediction today remains stable in the $1920 price zone.
Set up GOLD PRICE at zone: $1920 - $1922 sl $1910
Based on EMA 34, EMA 89 moving average technical analysis indicator to trend on 7/4/2023
Note
price is approaching the resistance zone of $1930Note
Bank Holiday, low fluctuating running priceNote
sell Price GOLD $1930Note
hit the $1930 hard resistance and turned around
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