GOLD - Strategy Buy gold, cautiously inching little by little
Gold prices inched slightly in the first two trading sessions of the week when US markets were closed for the Independence Day holiday. Analysts note that rising bond yields, with 10-year yields up nearly 4% at the start of the week, could collapse gold prices this week.
OANDA senior market analyst Edward Moya thinks there will be a significant technical sell-off. He pointed out that one of the reasons for gold's rise is because the market has not yet priced in two interest rate hikes by the US Federal Reserve (Fed).
In a recent interview with Kitco News, Daniel Pavillonis, senior commodity environment officer at RJO Futures, said gold prices may need to drop below $1,900 an ounce to attract fresh attention. He added that, in the current downtrend, it wouldn't be surprising to see gold test support at $1,700 an ounce. "The Fed isn't over yet and gold could struggle as interest rates continue to move higher," Daniel said.
XAUUSD BUY 1918- 1920💯💯
✅ TP1: 1926
✅ TP2: 1932
✅ TP3: 1940
🛑 SL: 1910
OANDA senior market analyst Edward Moya thinks there will be a significant technical sell-off. He pointed out that one of the reasons for gold's rise is because the market has not yet priced in two interest rate hikes by the US Federal Reserve (Fed).
In a recent interview with Kitco News, Daniel Pavillonis, senior commodity environment officer at RJO Futures, said gold prices may need to drop below $1,900 an ounce to attract fresh attention. He added that, in the current downtrend, it wouldn't be surprising to see gold test support at $1,700 an ounce. "The Fed isn't over yet and gold could struggle as interest rates continue to move higher," Daniel said.
XAUUSD BUY 1918- 1920💯💯
✅ TP1: 1926
✅ TP2: 1932
✅ TP3: 1940
🛑 SL: 1910
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