Gold analysis week 28
Diupdate
Disappointing economic data, including a slowdown in the US labor market, have increased market expectations that the Federal Reserve will cut interest rates in September. Expectations are growing. The start of a new easing cycle has pushed the US Dollar index to a 3-week low and bond yields to a 4-week high, creating favorable conditions for gold prices to trade at their highest level in 2019. 4 weeks.
The US economic calendar will not release any data with a significant impact in the first half of next week. However, investors will be watching closely as Chairman Powell will conduct two days of testimony before the Senate Finance Committee on Tuesday and the House Finance Committee on Wednesday.
Gold prices decisively broke the head-and-shoulders neckline, pushing the spot price close to $2,390, suggesting buyers are in control and prices will move even higher.
The momentum has shifted in favor of the buyers as depicted by the bullish Relative Strength Index (RSI). A daily close above the June 21 high of $2,368 could open the door to a trading range higher in the $2,370-2,400 region, with buyers targeting higher levels .
If the price breaks above $2,400, it will hit a yearly high of $2,450 before hitting $2,500.
On the other hand, if sellers push the spot price below $2,350, the price could continue to fall towards $2,300. If this support fails, the next demand zone will be the May 3 low of $2,277, followed by the March 21 high of $2,222.
The US economic calendar will not release any data with a significant impact in the first half of next week. However, investors will be watching closely as Chairman Powell will conduct two days of testimony before the Senate Finance Committee on Tuesday and the House Finance Committee on Wednesday.
Gold prices decisively broke the head-and-shoulders neckline, pushing the spot price close to $2,390, suggesting buyers are in control and prices will move even higher.
The momentum has shifted in favor of the buyers as depicted by the bullish Relative Strength Index (RSI). A daily close above the June 21 high of $2,368 could open the door to a trading range higher in the $2,370-2,400 region, with buyers targeting higher levels .
If the price breaks above $2,400, it will hit a yearly high of $2,450 before hitting $2,500.
On the other hand, if sellers push the spot price below $2,350, the price could continue to fall towards $2,300. If this support fails, the next demand zone will be the May 3 low of $2,277, followed by the March 21 high of $2,222.
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Catatan
Actual trading volume of COMEX gold futures contractsCOMEX's most active gold futures contract saw 4,169 lots traded in a minute, for a total contract value of $985 million.
This is the reason why gold is down, guys.
Catatan
Catatan
Gold price attracts some buyers ahead of Fed Chair Powell’s second testimony.The Gold price trades with mild gains on Wednesday during the early Asian session. The growing speculation that the US Federal Reserve is likely to start cutting rates as early as September continues to support the non-yielding metal.
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