GOLD 20/06: Recovery momentum is formed

GOLD Gold prices saw decent buying around 1948$ during the London session. The precious metal broke through the critical resistance of 1950$ as investors anticipate just one more rate hike from the Fed this year.

The US Dollar Index (DXY) has been flat as upside is limited around 102.60 although Fed chair Jerome Powell has confirmed that no rate cuts are appropriate this year. Despite three consecutive weekly increases in jobless claims, the unemployment rate spiked to 3.8% and inflationary pressures among consumers and manufacturers eased as gasoline prices fell, the Fed believes.

That core inflation remains persistent and labor market conditions are not yet soft enough to announce a victory over the volatile Consumer Price Index (CPI).

I suggest a sell zone 1966$-1963$, maybe it's the top of today profit point will be around 1940$

Stop loss around 1975. We will win together

Trade ist aktiv:

Everything goes according to my opinion