The market was gentle at the beginning of the week

22 Jan

#XAUUSD Analysis – January 22, 2024
🔴Recommended sales: 2040-2045 (Stop: 2050)
🔴Recommended sales: 2050-2055 (Stop: 2065)
✅ Target: 2006 – 2010
💎As I commented last week. There was a clear downward trend in gold prices, with a brief recovery period over the weekend.
💎 Gold prices will likely continue to recover to around the 204 price range earlier this week before the sharp decline occurred.
💎Trader can prioritize selling if the price shows a falling pattern at his 204x trend price point.
(Traders, I wish you a successful new week with effective trading strategies)
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Global gold prices are trending higher this morning, with spot gold prices up $2.3 to $2,031.5 per ounce.
Last week, global gold prices registered a slight increase in the final trade of the week after a series of declines due to pressure from interest rate expectations. However, the yellow metal still fell by $20 in a week.
On Tuesday, the dollar rose after Federal Reserve Governor Christopher Waller issued "harmonious" comments about interest rate cuts this year, putting pressure on gold. Waller said the U.S. is still far from its 2% inflation target and the central bank should not rush to cut rates until it is clear that the decline in inflation is sustained. Earlier, a number of Fed officials, including Cleveland Fed President Loretta Mester, told Bloomberg TV that monetary easing in March was premature. According to comments from Fed officials, the Fed expects to cut rates much later, perhaps by the end of the second quarter of this year.