Investors eagerly await US PCE data
Diupdate
✔️Gold prices attracted some selling during the Asian session on Friday and partially reversed the previous day's nice recovery from more than two-week lows. The US dollar (USD) spiked to a new two-month high in the final hour and became the main factor weakening commodities.
✔️That said, expectations that the Federal Reserve (Fed) will begin cutting interest rates later this year provide some support for the precious metal. Additionally, geopolitical tensions in the Middle East and lingering tensions between Russia and Ukraine act as drivers for the safe-haven XAU/USD.
✔️Investors also appear reluctant to bet on the upside and prefer to wait on the sidelines ahead of the release of the US Personal Consumption Price Index (PCE) at the end of the first North American trading session. Important inflation data will influence market expectations of the Fed's future policy decisions, which, in turn, will help determine the next leg of the directional move for Gold prices. profit.
✔️From a technical perspective, gold's positive move has been resisted at the price range of 2,330 points, EMA 89 of the h4 frame and EMA 34 in the long-term uptrend of frame D. The above barrier is currently anchored near the 2,336- 2,338, will now serve as an important pivotal point. Sustained strength beyond that is likely to push Gold prices back into the $2,360-$2,365 supply zone. Some follow-through buying should negate any near-term negative trend and allow bulls to reclaim the $2,400 round mark.
✔️On the downside, the 2300 and 2295 round harbor support marks are likely to protect the decline just ahead of the $2,285 horizontal support. A convincing break below the 2285 handle would be seen as a fresh trigger for traders to bearish on gold to the deeper 2268 zone.
Support: 2310 - 2300 - 2295 - 2285 - 2268
Resistance: 2328 - 2336 - 2344 - 2355
BUY price range 2312 - 2310 stoploss 2307
SELL price range 2335 - 2337 stoploss 2340
BUY price range 2286 - 2384 stoploss 2281
SELL price range 2354-2356 stoploss 2359
✔️That said, expectations that the Federal Reserve (Fed) will begin cutting interest rates later this year provide some support for the precious metal. Additionally, geopolitical tensions in the Middle East and lingering tensions between Russia and Ukraine act as drivers for the safe-haven XAU/USD.
✔️Investors also appear reluctant to bet on the upside and prefer to wait on the sidelines ahead of the release of the US Personal Consumption Price Index (PCE) at the end of the first North American trading session. Important inflation data will influence market expectations of the Fed's future policy decisions, which, in turn, will help determine the next leg of the directional move for Gold prices. profit.
✔️From a technical perspective, gold's positive move has been resisted at the price range of 2,330 points, EMA 89 of the h4 frame and EMA 34 in the long-term uptrend of frame D. The above barrier is currently anchored near the 2,336- 2,338, will now serve as an important pivotal point. Sustained strength beyond that is likely to push Gold prices back into the $2,360-$2,365 supply zone. Some follow-through buying should negate any near-term negative trend and allow bulls to reclaim the $2,400 round mark.
✔️On the downside, the 2300 and 2295 round harbor support marks are likely to protect the decline just ahead of the $2,285 horizontal support. A convincing break below the 2285 handle would be seen as a fresh trigger for traders to bearish on gold to the deeper 2268 zone.
Support: 2310 - 2300 - 2295 - 2285 - 2268
Resistance: 2328 - 2336 - 2344 - 2355
BUY price range 2312 - 2310 stoploss 2307
SELL price range 2335 - 2337 stoploss 2340
BUY price range 2286 - 2384 stoploss 2281
SELL price range 2354-2356 stoploss 2359
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