XAUUSD - Market Decline, Trading Strategy News Core Retail Sales
After several attempts in the biggest rate hike campaign in history, the Fed's regular rate is now between 5.25% and 5.5%, the highest level since 2001.
Experts say that gold will still find it difficult to find an upward momentum in the short term. However, the precious metal's decline will be capped by demand from the world's major central banks. A recent report by the World Gold Council shows that central banks have not finished the race to add gold to their reserves.
Technically, bears have the overall short-term technical advantage. The price is in a 3-week downtrend on the daily bar chart. The fundamental price introduction's next upside objective is to produce a close above solid resistance at $2,000/ounce. The next near-term downside downside price limit downside is for futures consolidation to fall below solid technical support at $1,900 an ounce.
Experts say that gold will still find it difficult to find an upward momentum in the short term. However, the precious metal's decline will be capped by demand from the world's major central banks. A recent report by the World Gold Council shows that central banks have not finished the race to add gold to their reserves.
Technically, bears have the overall short-term technical advantage. The price is in a 3-week downtrend on the daily bar chart. The fundamental price introduction's next upside objective is to produce a close above solid resistance at $2,000/ounce. The next near-term downside downside price limit downside is for futures consolidation to fall below solid technical support at $1,900 an ounce.
✅ TP1: 1908
✅ TP2: 1900
🛑 SL: 1922