Gold prices attract some sellers amid cautious Fed
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Gold prices fell again after once again facing rejection above 2334. A stronger-than-expected US purchasing managers index (PMI) released last week prompted Federal Reserve officials The Federal Reserve (Fed) pushed back the timing of cutting interest rates for the first time this year, which continues to limit gold's rise. However, safe-haven flows due to geopolitical tensions in the Middle East and Ukraine could boost the yellow metal in the near term.
Investors will focus on the Fed's Cook and Bowman's speeches on Tuesday. Any evidence of an easing inflation trend could boost expectations of a Fed rate cut by the end of 2024. This could drag the Greenback lower and create a tailwind for Gold priced in USD.
Gold is still trading near the important support level of 2320. We need to wait for more new market data to get an overview of whether the support level around 2320 will hold. Gold price is trading at a lighter level during the day. Gold hinh has formed a downtrend May 10 on the daily timeframe. The two moving averages EMA 34 and EMA 89 are still hesitant and have not clearly shaped the opening trend of the h4 frame.
There are not many important resistance levels near gold's current price range. The price level of 2343 becomes the nearest resistance area, a breach of this level will pave the way to $2,365, the highest level of 2 weeks.
On the other hand, the June 21 low at $2,316 serves as initial support for the yellow metal. Any further selling would see a drop to $2,305, which on a break of 2385 the low of June 7 would be the most important support at the moment.
Support: 2316 - 2312- 2305
Resistance: 2337 - 2345 - 2367
SELL zone 2341 - 2343 stoploss 2346
BUY zone 2302 - 2300 stoploss 2296
Investors will focus on the Fed's Cook and Bowman's speeches on Tuesday. Any evidence of an easing inflation trend could boost expectations of a Fed rate cut by the end of 2024. This could drag the Greenback lower and create a tailwind for Gold priced in USD.
Gold is still trading near the important support level of 2320. We need to wait for more new market data to get an overview of whether the support level around 2320 will hold. Gold price is trading at a lighter level during the day. Gold hinh has formed a downtrend May 10 on the daily timeframe. The two moving averages EMA 34 and EMA 89 are still hesitant and have not clearly shaped the opening trend of the h4 frame.
There are not many important resistance levels near gold's current price range. The price level of 2343 becomes the nearest resistance area, a breach of this level will pave the way to $2,365, the highest level of 2 weeks.
On the other hand, the June 21 low at $2,316 serves as initial support for the yellow metal. Any further selling would see a drop to $2,305, which on a break of 2385 the low of June 7 would be the most important support at the moment.
Support: 2316 - 2312- 2305
Resistance: 2337 - 2345 - 2367
SELL zone 2341 - 2343 stoploss 2346
BUY zone 2302 - 2300 stoploss 2296
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