XAUUSD: What will gold look?
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TECHNICAL ANALYSIS:
In chart D1, the upward trend remains evident. However, due to the growing economic and war situations, there is a significant chance that gold will continue to surge. There is still a likelihood of a trend reversal and a breakout from the uptrend when EMA 34 and EMA 89 start to turn and intersect. The RSI is still below average, indicating a precarious situation. Traders are advised to exercise caution before making any trades.
Market overview:
Gold prices rose by 1% on Thursday but retreated from five-day highs on Friday due to the strengthening of the US dollar, which recovered after the end-of-the-week flows and adjustments ahead of the upcoming US Consumer Price Index inflation data and the Federal Reserve policy announcements. Despite the Greenback bulls bouncing back on Friday, the US Dollar ended the week in the red for the second time in a row, which brought some comfort to Gold prices.
The US Dollar followed the minor rebound in the US Treasury bond yields across the curve, although United States government bond buyers remained in the game amid renewed economic concerns and heightened expectations of a Federal Reserve rate hike pause on Wednesday. Markets have predicted a 76% probability that the Fed will keep its Fed funds rate in the 5.00%-5.25% range when its two-day meeting ends on Wednesday. The recent series of downbeat economic data from the United States revived hopes of a halt to the Fed’s tightening cycle.
Early Monday, Gold prices remain vulnerable, with the US Dollar consolidating its upswing on Friday amid a cautiously optimistic market mood, as investors gear up for the key event risks of this week. The US CPI data will be released on Tuesday, with the market expecting the headline annual CPI figure to rise 4.2%
In chart D1, the upward trend remains evident. However, due to the growing economic and war situations, there is a significant chance that gold will continue to surge. There is still a likelihood of a trend reversal and a breakout from the uptrend when EMA 34 and EMA 89 start to turn and intersect. The RSI is still below average, indicating a precarious situation. Traders are advised to exercise caution before making any trades.
Market overview:
Gold prices rose by 1% on Thursday but retreated from five-day highs on Friday due to the strengthening of the US dollar, which recovered after the end-of-the-week flows and adjustments ahead of the upcoming US Consumer Price Index inflation data and the Federal Reserve policy announcements. Despite the Greenback bulls bouncing back on Friday, the US Dollar ended the week in the red for the second time in a row, which brought some comfort to Gold prices.
The US Dollar followed the minor rebound in the US Treasury bond yields across the curve, although United States government bond buyers remained in the game amid renewed economic concerns and heightened expectations of a Federal Reserve rate hike pause on Wednesday. Markets have predicted a 76% probability that the Fed will keep its Fed funds rate in the 5.00%-5.25% range when its two-day meeting ends on Wednesday. The recent series of downbeat economic data from the United States revived hopes of a halt to the Fed’s tightening cycle.
Early Monday, Gold prices remain vulnerable, with the US Dollar consolidating its upswing on Friday amid a cautiously optimistic market mood, as investors gear up for the key event risks of this week. The US CPI data will be released on Tuesday, with the market expecting the headline annual CPI figure to rise 4.2%
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He expressed his point of view, saying; It is important for the Bank of England to continue to rely on inflationary momentum risks, and therefore we cannot rule out further interest rate increases.
The statements of the policy maker at the Bank of England Haskell; Ahead of the Bank of England's upcoming interest rate decision, as the Monetary Policy Committee meeting is scheduled for June 22, the Bank of England has raised interest rates to 4.50% now, the highest level in 15 years.
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