02/06 - Test new support level
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Gold is becoming a popular investment option as its value has increased while the US Dollar and Treasury yields have decreased.
This may be due to the anticipation of rate cuts from the Federal Reserve, leading to a weaker currency.
However, if the US non-farm payrolls data shows a strong print, it could reduce gold's appeal.
Despite this, gold is expected to break above its May 19 high at $1984.25, indicating a positive long-term trend.
To confirm the uptrend, gold will return to the new resistance zone 1975 to test, maybe I will consider buying gold around 1972.
Do you expect gold to rise or fall tonight?
This may be due to the anticipation of rate cuts from the Federal Reserve, leading to a weaker currency.
However, if the US non-farm payrolls data shows a strong print, it could reduce gold's appeal.
Despite this, gold is expected to break above its May 19 high at $1984.25, indicating a positive long-term trend.
To confirm the uptrend, gold will return to the new resistance zone 1975 to test, maybe I will consider buying gold around 1972.
Do you expect gold to rise or fall tonight?
Note
The yield on the 10-year Treasury was up by less than a basis point, reaching 3.618%.The 2-year Treasury was last trading at 4.351% after rising by less than 1 basis point.
Note
The value of the US dollar is decreasing following significant announcements made by the Federal Reserve. At the moment, it is awaiting further data to confirm its next move.Note
Buy 1972 to 1978 +60pipsNote
retest the 1972 area according to the correct judgmentNote
Gold 1976
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