Macro Analysis for Gold
Hello everyone! Today i want to share some macro analysis with you!
1.
$Gold - main 2408(GCmain)$ Gold loses 2,320 as Europe's political turmoil weakens market sentiment.FXStreeet warns that gold prices could accelerate if they fall below the $2,300 mark!
2.
$XAU/USD(XAUUSD.FOREX)$ The fed insisted on a rate cut within the year, gold to maintain the shock to be expected to pullback
Last trading day on Monday (June 17): gold / London gold encountered obstacles to fall back to close lower, still running below the middle rail line, also did not hold steady above the 60-day average, and the Federal Reserve is still expressed this year will only cut interest rates once, or not, while suggesting that the market is still the risk of going lower again.
Specific trend, gold prices since the Asian market opened at 2331.36 U.S. dollars / ounce, the first recorded intraday high of 2332.57 U.S. dollars, it is under pressure to fall back to run, continued to the end of the Asian plate touched 2315 U.S. dollars after the low point of support, stop the decline of the oscillation bias rebound to the U.S. opening multi-directional force to strengthen, touching the 2327 U.S. dollars near, but the strength of the limited, and finally encountered obstacles to the successive crash in the 23:30 time period to record an intraday low of 2309.91 U.S. dollars. After the low point of $2309.91, bottomed out and maintained momentum, and finally closed at $2318.92, the daily amplitude of $23.47, closing down $12.44, or 0.53%.
Impact on the day by resistance suppression, as well as the power of the majority slowed down, and the first pressure lower, the United States early data United States June New York Fed manufacturing index over-expected short gold prices did not produce pressure on it, and under the support of the buyers, the rebound back up, but due to the U.S. stock market, such as the Dow Jones Index and the U.S. bond 10-year yields rebounded strongly to close higher, suppressing the price of gold quickly consecutively lower touching the day's lows, due to the U.S. dollar index The rebound power slowed down to meet the obstacles to withdraw and close down, but limit the decline in gold prices, so that it eventually recovered to close the line.
3.
Outlook for today Tuesday (June 18): gold opening continuation of the overnight late recovery of the force of the first performance of the strong, the dollar index also continued yesterday's resistance to fall power first performance of the weaker, to support it;
Overall, the U.S. dollar index daily chart weak lower, have fallen back to touch the 10-day average of the 105 mark is expected to support gold prices stronger, but the weekly chart is still maintained above the middle rail, and keep the trend of recovery, the Bollinger band also tends to develop upward, it is implied that the market after the bullish and strong prospects, so the short term will be favourable to the gold prices stronger, and continue to maintain the recent shock bias uptrend, but after the shock, there is still a again! But after the oscillation, there is still the risk of going lower again.
In addition, the U.S. bond 10-year yield daily chart has stopped falling continuous recovery demand, but the weekly chart is still in the bearish pressure, there is still a more obvious decline is expected, the weekly chart is also the same, will produce a favourable outlook for the gold price, so this month after the market, the probability that the gold price will continue to maintain the oscillator mainly.
Intraday will focus on the U.S. retail sales rate in May, the U.S. industrial output rate in May, the U.S. commercial inventory rate in April and other data, the market is expected to be overall bias towards negative gold prices, so XAUUSD today's trend will be mainly down. Gold prices in recent days, although maintaining the trend of shock recovery, with chart indicators MACD short signal also continued to shrink, there is a tendency to turn strong, but the main chart trend did not hold steady to break through the 60-day SMA resistance, which is still under pressure in the middle rail and 30-day SMA, suggesting that the market is again lower risk, will be expected to continue to go down to explore the goal of the support of the 100-day SMA, then the upper part of the attention to the middle rail and the 30-day SMA resistance does not break to maintain the Short view, waiting for the target to be reached.
Preliminary intraday points of reference:
Gold: above the attention to 2325 near resistance, and 2332 near resistance; below the attention to 2310 near support, and 2302 U.S. dollars near support; trading on the sale of single transactions mainly!
Follow me to learn more about analysis!!
https://x.com/TradersXauusd
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
