Gold has recovered
Mis à jour
Fundamental analysis
Gold prices rose slightly on Wednesday, continuing their recovery after Monday's PBoC-related sell-off. This comes after data emerged showing demand for gold by central banks around the world remains high. This balanced the negative impact of news that the largest consumer of gold, the People's Bank of China (PBoC), stopped buying the precious metal in June.
The Fed will adopt a data-driven approach to interest rates.
Investors had been hoping for more specifics on when the Fed would cut interest rates, and Powell's quiet cut should have weakened Gold more than that.
Technical analysis
Gold is recovering for the second day in a row after forming a bearish two-bar reversal pattern. The unclear outlook poses a risk that Gold may return to the break out zone, which is also the most important support zone around 2340.
In the bullish trend, if gold surpasses Friday's peak of $2,393, the price will continue the series of higher peaks and could reach the next target of 2,400 and still cherish the possibility of surpassing the all-time peak.
The trend is sideways in the near-peak area during the drought period. In the long term, Gold is still in a strong uptrend and is ready to reach a peak above 2400 in the near future as macro and political data continues to support gold.
Support: 2362 - 2351 -2342 - 2335
Resistance: 2378 - 2383 - 2387 - 2395
SELL zone 2382 - 2384 Stoploss 2388
SELL zone 2392-2394 Stoploss 2396
BUY zone 2341 - 2339 Stoploss 2335
BUY zone 2351-2349 Stoploss 2346
Gold prices rose slightly on Wednesday, continuing their recovery after Monday's PBoC-related sell-off. This comes after data emerged showing demand for gold by central banks around the world remains high. This balanced the negative impact of news that the largest consumer of gold, the People's Bank of China (PBoC), stopped buying the precious metal in June.
The Fed will adopt a data-driven approach to interest rates.
Investors had been hoping for more specifics on when the Fed would cut interest rates, and Powell's quiet cut should have weakened Gold more than that.
Technical analysis
Gold is recovering for the second day in a row after forming a bearish two-bar reversal pattern. The unclear outlook poses a risk that Gold may return to the break out zone, which is also the most important support zone around 2340.
In the bullish trend, if gold surpasses Friday's peak of $2,393, the price will continue the series of higher peaks and could reach the next target of 2,400 and still cherish the possibility of surpassing the all-time peak.
The trend is sideways in the near-peak area during the drought period. In the long term, Gold is still in a strong uptrend and is ready to reach a peak above 2400 in the near future as macro and political data continues to support gold.
Support: 2362 - 2351 -2342 - 2335
Resistance: 2378 - 2383 - 2387 - 2395
SELL zone 2382 - 2384 Stoploss 2388
SELL zone 2392-2394 Stoploss 2396
BUY zone 2341 - 2339 Stoploss 2335
BUY zone 2351-2349 Stoploss 2346
Trade fermée: cible de profit atteinte
SELL zone 2382-2384 + 100 pips runningNote
Gold price flat lines as traders keenly await crucial US CPI reportGold price oscillates in a narrow trading band during the Asian session on Thursday as traders opt to move to the sidelines ahead of the US consumer inflation figures. The crucial data will be looked for more cues about the likely timing when the Federal Reserve will start cutting interest rates.
Note
Note
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