Daily Price Outlook

• Gold, the esteemed precious metal, is currently witnessing a notable downtrend, trading around the $1,910 mark after a descent from the $1,929 level.
• The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators both hold positions in the sell zone, implying a potential continuation of the current downtrend, particularly if gold prices break below the $1,909 level.
• While resistance is forming around the $1,921 level and potentially at the $1,930 mark, a continuation of the downtrend can be anticipated if gold maintains its position below the crucial $1,920 level, with the next target potentially around $1,896 or $1,890 if it falls below $1,909.

The esteemed precious metal, gold, is currently experiencing a notable downtrend, trading around the $1,910 level following a dip from the $1,929 mark.

Upon observing the four-hourly timeframe, it’s evident that gold has breached the descending triangle pattern, which previously extended significant support around the $1,930 mark. Now, this same level is acting as resistance.

Analysing the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), we find both indicators are situated firmly within the sell zone, implying a strong likelihood of a continuing downtrend.

With this in mind, should gold prices succeed in breaking below the $1,909 level, the next target could potentially be around the $1,896 or $1,890 levels.

On the flip side, we see resistance forming around the $1,921 level, with a further resistance point likely to materialize around the $1,930 mark if surpassed. In conclusion, it’s critical to keep a close eye on the $1,920 level.

A continuation of the downtrend can be expected if gold stays below this point, and more importantly, if gold prices manage to drop below $1,909, the subsequent target could potentially be situated around $1,896 or $1,890.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below 1915
Take Profit – 1898
Stop Loss – 1930
Risk to Reward – 1: 1.3
Profit & Loss Per Standard Lot = +$1700/ -$1500
Profit & Loss Per Micro Lot = +$170/ -$150

Daily Price Outlook

Gold prices continued their upward rally and rose on the day, primarily driven by a weakening US dollar. The US dollar was under pressure due to a cautious stance as traders eagerly awaited US data that could potentially impact the timing of future interest rate hikes.

Although the dollar initially reached a 15-month high against the rouble on Monday, it later pulled back slightly.

Central Banks Preparing for Higher Rates – Impact on Gold Prices
However, the upcoming inflation data is crucial as it will influence the decisions of major central banks regarding interest rates.

Most central banks are preparing for higher rates and have adopted a strong position with a hawkish stance, which continues to limit the upward momentum of gold prices.

It is worth noting that the Reserve Bank of Australia (RBA) and the Bank of Canada (BoC) recently surprised the market by raising interest rates by 25 basis points. In the meantime, the European Central Bank (ECB) raised interest rates to the highest level in 22 years.

Furthermore, the Bank of England (BoE), the Swiss National Bank (SNB), and Norges Bank also increased their benchmark interest rates last week. This was seen as one of the key factor that limits the upward momentum of gold prices.

Impact on Gold Prices: Fed’s Monetary Policy and Inflation Outlook
The Federal Reserve has suggested that they might increase borrowing costs by up to 50 basis points (0.5%) by the end of this year.

Fed Chair Jerome Powell recently stated that they don’t expect any rate cuts in the near future and will wait until they are confident that inflation is moving towards their target of 2%.

Thereby, the upcoming release of the US Personal Consumption Expenditures (PCE) Price Index, which is the Fed’s preferred inflation measure, will be closely watched.

This news could impact gold prices as it may shape expectations regarding future monetary policy actions. Factors Affecting Gold Prices: Central Bank Speeches and US Economic Data

Looking forward, investors will pay close attention to speeches by famous central bank leaders, including ECB President Christine Lagarde, BoE Governor Andrew Bailey, Fed Chair Jerome Powell, and Bank of Japan Governor Kazuo Ueda, who will participate in a panel discussion in Sintra on Wednesday.

Besides this, Tuesday’s US economic calendar, featuring important data such as Durable Goods Orders, the Consumer Confidence Index by the Conference Board, New Home Sales, and the Richmond Manufacturing Index, will be closely monitored for its potential impact on gold prices.

GOLD Price Chart – Source: Tradingview

GOLD – Technical Analysis

Gold prices took a downward dive yesterday, ending below the level of $1929.00 like a skilled synchronized swimmer. This keeps the bearish trend scenario in full swing, with a potential visit to the $1913.15 territory on the horizon.

And hold onto your hats, because if this level is breached, the price may take a daring plunge towards the next correctional level at $1873.50.

The bearish channel is the ringleader here, skillfully organizing the bearish wave and receiving constant support from the EMA50, like a maestro conducting a symphony.

But wait! There’s a twist! If gold manages to break through the levels of $1929.00 followed by $1945.20, it will throw a curveball at the expected decline, leading the price to make a dramatic turnaround and head for the sunny side of the market.

Today’s trading range promises an exciting show, with support kicking in at $1905.00 like a trusty safety net, and resistance shining brightly at $1935.00 like a formidable challenger. Get ready for a wild ride!

Daily Price Outlook

During the London trading session, gold prices (XAU/USD) probed the significant support level of $1,910.00. As the market awaits a strong interest rate signal from Federal Reserve Chairman Jerome Powell, the precious metal trends towards the key psychological support level of $1,900.00.

S&P500 futures have seen marked losses over the last 24 hours as market participants fret that Powell’s potentially hawkish remarks might stoke fears of an imminent US economic slowdown.

HSBC Asset Management anticipates a downturn in the US economy in the fourth quarter of 2018, which will be followed by a contractionary year and a European recession in 2024.

Even with the market’s cautious stance, the US Dollar Index (DXY) is struggling to stay above the vital resistance level of 102.60. It is widely expected that Powell will reiterate the bank’s position of raising interest rates at a “cautious pace.

” San Francisco Fed Bank President Mary Daly considers two more rate hikes this year as a “quite sensible” forecast.

Despite the Fed’s tight monetary policy, the US Durable Goods Orders for May held up well. Contrary to the market’s prediction of a 1% economic contraction, the economic indicator advanced by 1.7%, outperforming April’s figure of 1.2%.

XAU/USD bulls eye validation at $1,935 ahead of Powell’s speech and Confluence Detector

Before the crucial statements from leading central bankers at the European Central Bank (ECB) Forum, the gold price (XAU/USD) found it challenging to sustain its corrective rally.

The cautious sentiment ahead of this key event, coupled with mixed concerns over China—one of the largest global gold consumers—and stronger US data, have put XAU/USD traders under pressure.

Gold traders find themselves in a tricky spot as anticipation for additional Chinese stimulus clashes with growing apprehension about Beijing’s slower economic rebound and the potential for Sino-US tension due to recent AI restrictions on Chinese chip manufacturers.

Despite this, a slew of US data allowed the US Dollar to pare intraday losses and bolster bullish Fed bets, pushing XAU/USD bulls. Standout figures include the Durable Goods Orders, the Conference Board’s (CB) Consumer Confidence Index, and several housing stats.

Future comments from ECB President Christine Lagarde, Fed Chairman Jerome Powell, and Bank of England (BoE) Governor Andrew Bailey at the ECB Forum will be instrumental in guiding gold prices.

Among them, Powell will be closely watched as the Fed’s hawkish stance since revising its rate hike path has been a tease for US Dollar bears.

GOLD Price Chart – Source: Tradingview

GOLD – Technical Analysis

The esteemed precious metal, gold, is currently experiencing a notable downtrend, trading around the $1,910 level following a dip from the $1,929 mark.

Upon observing the four-hourly timeframe, it’s evident that gold has breached the descending triangle pattern, which previously extended significant support around the $1,930 mark. Now, this same level is acting as resistance.

Analysing the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), we find both indicators are situated firmly within the sell zone, implying a strong likelihood of a continuing downtrend.

With this in mind, should gold prices succeed in breaking below the $1,909 level, the next target could potentially be around the $1,896 or $1,890 levels.

On the flip side, we see resistance forming around the $1,921 level, with a further resistance point likely to materialize around the $1,930 mark if surpassed. In conclusion, it’s critical to keep a close eye on the $1,920 level.

A continuation of the downtrend can be expected if gold stays below this point, and more importantly, if gold prices manage to drop below $1,909, the subsequent target could potentially be situated around $1,896 or $1,890.

Daily Price Outlook

• Gold prices made a downward splash, ending below $1929.00 like synchronized swimmers, signaling a bearish trend with a potential target of $1913.15 and a daring plunge towards $1873.50 if breached.
• A twist awaits if gold breaks through $1929.00 and $1945.20, potentially leading to a dramatic turnaround.
• Today’s trading range sets the stage for excitement, with support at $1905.00 and resistance at $1935.00, ready to challenge the market.

Gold prices took a downward dive yesterday, ending below the level of $1929.00 like a skilled synchronized swimmer. This keeps the bearish trend scenario in full swing, with a potential visit to the $1913.15 territory on the horizon.

And hold onto your hats, because if this level is breached, the price may take a daring plunge towards the next correctional level at $1873.50.

The bearish channel is the ringleader here, skillfully organizing the bearish wave and receiving constant support from the EMA50, like a maestro conducting a symphony.

But wait! There’s a twist! If gold manages to break through the levels of $1929.00 followed by $1945.20, it will throw a curveball at the expected decline, leading the price to make a dramatic turnaround and head for the sunny side of the market.

Today’s trading range promises an exciting show, with support kicking in at $1905.00 like a trusty safety net, and resistance shining brightly at $1935.00 like a formidable challenger. Get ready for a wild ride!
And now, for the expected trend of the day: bearish vibes are in the air.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Below 1935
Take Profit – 1910
Stop Loss – 1950
Risk to Reward – 1: 1.6
Profit & Loss Per Standard Lot = +$2500/ -$1500
Profit & Loss Per Micro Lot = +$250/ -$150

Daily Price Outlook

• Gold prices exhibit a slight bullish bias, but await a negative catalyst for a bearish wave towards the target of $1,873.50.
• A breakthrough above $1,929.00 could trigger further gains and a test of $1,945.20 before potential declines.
• The expected trading range for today oscillates between the support of $1,890.00 and the resistance of $1,925.00.

Gold prices are in for some playful moves, displaying a slight bullish bias as stochastic indicators flash positivity. However, they eagerly await a negative catalyst that could boost the momentum of the expected bearish wave for today, targeting the level of $1,873.50.

But hey, let’s not forget that breaking above $1,929.00 could ignite even more excitement, propelling the price to chase after additional gains and test the level of $1,945.20. Only then might we see a new attempt to decline, adding to the thrilling twists and turns.

For today’s adventurous ride, the expected trading range bounces between the support level of $1,890.00 and the resistance level of $1,925.00. Will gold conquer new heights or face the challenge of downward pressures?

Hold on tight and let’s discover the trend for today: Slightly bullish

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1925

Take Profit – 1940

Stop Loss – 1915

Risk to Reward – 1: 1.130

Profit & Loss Per Standard Lot = +$1500/ -$1000

Profit & Loss Per Micro Lot = +$150/ -$100

Daily Price Outlook

Gold price continued to attract buyers for the second consecutive day, displaying a modest upward trend during the early European session. Currently trading slightly above $1,930, the XAU/USD has gained around 0.60% for the day. However, it remains comfortably within the broader trading range of Friday and below the support level of the 100-day Simple Moving Average (SMA).

Recent political unrest caused by a Russian mercenary uprising over the weekend has fueled concerns about political stability in the country.

This event has supported the safe-haven status of gold, particularly amidst worries about a global economic slowdown. A dispute between Moscow and the Russian mercenary group Wagner was resolved on Saturday, averting further escalation.

The retreat of heavily armed mercenaries from the city of Rostov has eased tensions. Additionally, the weakening of the US Dollar (USD) has contributed to the positive momentum of XAU/USD.

As no significant economic reports are expected to impact the market on Monday, the previous fundamental backdrop suggests that the XAU/USD may require stronger buying momentum to confirm a near-term bottom formation. Traders may also exercise caution ahead of Federal Reserve Chair Jerome Powell’s upcoming speech on Wednesday.

This week will witness the release of crucial US macroeconomic data, including the Core PCE Price Index, which is the Fed’s preferred inflation gauge. These releases will influence rate hike expectations and provide fresh direction for the gold price.

GOLD Price Chart – Source: Tradingview

GOLD – Technical Analysis

Gold prices are poised for some interesting price movements, showing a minor bullish inclination as indicated by positive stochastic indicators. However, they eagerly await a negative catalyst that could drive the expected bearish wave today, with a target around $1,873.50.

But wait, breaking above $1,929.00 could ignite even more excitement, propelling the price to pursue additional gains and test the level of $1,945.20. Only then might we witness a renewed attempt to decline, adding to the intriguing twists and turns.

For today’s adventurous ride, the anticipated trading range oscillates between the support level of $1,890.00 and the resistance level of $1,925.00. Will gold conquer new heights or face the challenge of downward pressures?

Fasten your seatbelts and let’s uncover today’s trend: Slightly bullish.

Daily Price Outlook

The price of gold (XAU/USD) is poised to record its most significant weekly decline since late January as the US Dollar benefits from the market’s risk-off sentiment and the Federal Reserve’s (Fed) hawkish concerns.

Several central banks confirmed their commitment to maintaining higher interest rates for an extended period and expressed worries about the economic slowdown, particularly in the face of rising inflation and geopolitical tensions.

The mixed US economic data and the hawkish testimony of Federal Reserve Chairman Jerome Powell further contributed to the risk-off sentiment.

Additionally, Richmond Fed President Thomas Barkin joined US Treasury Secretary Janet Yellen in expressing economic concerns earlier on Friday.

The gold price forecast remains bearish as XAU/USD hovers near a multi-month low and remains vulnerable. During the Asian session on Friday, the gold price experienced bearish pressure and traded within a narrow range of $1,915 to $1,916, just above its lowest level since March 16 reached the previous day.

The gold price faces headwinds from major central banks adopting a hawkish stance. The series of interest rate hikes and a more hawkish outlook by major central banks have presented significant obstacles for gold, which does not yield interest.

The Bank of England (BoE), Swiss National Bank (SNB), and Norges Bank raised their key interest rates on Thursday. Additionally, the Reserve Bank of Australia (RBA) and Bank of Canada (BoC) surprised the market with 25 basis points rate hikes earlier this month.

Furthermore, the European Central Bank (ECB) recently raised interest rates to their highest level in 22 years and projected further tightening to address inflationary pressures.

GOLD Price Chart – Source: Tradingview

GOLD – Technical Analysis

Gold (XAU/USD) sets off with a touch of negativity today, as it puts pressure on the $1,913.15 level and attempts to break it, which supports the continuation of the bearish overview on the intraday and short-term basis, paving the way to head towards $1,873.50 areas as the next main station.

The bearish channel continues to organize the bearish wave, and the price is falling under continuous negative pressure coming from the EMA50, to keep the bearish trend valid and active conditioned by the price stability below $1,913.15.

Surpassing this level will lead the price to start recovery attempts and achieve gains that reach $1,945.20 before any new attempt to decline.

The expected trading range for today is between the support level of $1,890.00 and the resistance level of $1,925.00.

Daily Price Outlook

• Gold (XAU/USD) begins the day with a touch of negativity, exerting pressure on the $1,913.15 level, indicating a bearish outlook for the intraday and short-term periods. The next key support is expected around $1,873.50.
• The bearish trend remains intact as the price continues to experience downward pressure from the EMA50. The bearish wave is well-structured, and the price's stability below $1,913.15 is crucial to sustain the bearish momentum. However, surpassing this level could trigger recovery attempts, potentially reaching gains of up to $1,945.20 before another potential decline.
• The anticipated trading range for today is between the support level of $1,890.00 and the resistance level of $1,925.00.

Gold (XAU/USD) sets off with a touch of negativity today, as it puts pressure on the $1,913.15 level and attempts to break it, which supports the continuation of the bearish overview on the intraday and short-term basis, paving the way to head towards $1,873.50 areas as the next main station.

The bearish channel continues to organize the bearish wave, and the price is falling under continuous negative pressure coming from the EMA50, to keep the bearish trend valid and active conditioned by the price stability below $1,913.15.

Surpassing this level will lead the price to start recovery attempts and achieve gains that reach $1,945.20 before any new attempt to decline.

The expected trading range for today is between the support level of $1,890.00 and the resistance level of $1,925.00.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Sell Limit 1925

Take Profit – 1890

Stop Loss – 1940

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$3500/ -$1500

Profit & Loss Per Micro Lot = +$350/ -$150

Daily Price Outlook

• Gold prices closed below the $1945.20 level, indicating a continuation of the corrective bearish trend with a target of $1913.15.
• The 50-day Exponential Moving Average (EMA50) is applying downward pressure, suggesting further decline. Breaking the target level may lead to additional losses towards $1873.50.
• If the price breaches $1945.20, it would be a positive signal for potential recovery towards testing the $1977.25 area.

Gold prices closed below the $1945.20 level yesterday, indicating the continuation of the corrective bearish trend with a target of $1913.15 as the next significant level.

The 50-day Exponential Moving Average (EMA50) is exerting downward pressure on the price, reinforcing expectations of further decline.

Breaking the targeted level could result in additional losses, potentially reaching $1873.50. However, if the price manages to breach $1945.20, it would be a positive factor that could lead to a recovery and a test of the $1977.25 area initially.

For today, the expected trading range is between support at $1920.00 and resistance at $1950.00.

In summary, the forecast for today is bearish, indicating a downward trend for gold prices.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above 1930

Stop Loss – 1920

Take Profit – 1955

Risk to Reward – 1 : 2.5

Profit & Loss Per Standard Lot = +$2500/ -$1000

Profit & Loss Per Micro Lot = +$250/ -$100

Daily Price Outlook

The gold price (XAU/USD) continues to face downward pressure as bears target the key $1,930 support level amidst anticipation of Fed Chair Jerome Powell’s biannual speech.

This has resulted in the XAU/USD pair declining for the fourth consecutive day, driven by a stronger US Dollar and negative sentiment primarily influenced by China.

Despite this, the US Dollar Index (DXY) maintains its four-day rally at 102.60, although it lacks significant upward momentum. Geopolitical concerns surrounding the US and China are dampening market sentiment and fueling demand for the US Dollar as a safe haven asset.

Positive US housing data and hawkish signals from the Fed in the previous session are further supporting the rise of the US Dollar and putting pressure on gold prices.

Gold futures indicate potential weakness in the near term. Traders have increased their open interest holdings for the third consecutive session, with a rise of nearly 7.1K contracts according to CME Group’s flash data.

This was accompanied by a significant increase in volume, rising by approximately 97.1K contracts, reversing the prior significant drop.
Gold is expected to experience further consolidation.

The rise in open interest and volume on Tuesday contributed to the daily decline in gold prices, suggesting that more losses may be on the horizon.

However, it is anticipated that the yellow metal will continue the consolidation phase that has been in place since mid-May. Some resistance is still observed around the $1925 per troy ounce level.

GOLD Price Chart – Source: Tradingview

Gold – Technical Analysis

Gold prices closed below the $1945.20 level yesterday, indicating the continuation of the corrective bearish trend with a target of $1913.15 as the next significant level.

The 50-day Exponential Moving Average (EMA50) is exerting downward pressure on the price, reinforcing expectations of further decline.

Breaking the targeted level could result in additional losses, potentially reaching $1873.50. However, if the price manages to breach $1945.20, it would be a positive factor that could lead to a recovery and a test of the $1977.25 area initially.

For today, the expected trading range is between support at $1920.00 and resistance at $1950.00.

In summary, the forecast for today is bearish, indicating a downward trend for gold prices.