GOLD 1H : under 1932 will reach 1916 again
GOLD
OUTLOOK
Gold futures failed to avoid a weekly loss, as a stronger US dollar and higher Treasury yields weighed on the yellow metal. Investors are also preparing for the long-awaited US inflation report this week, which many analysts expect to rise.
The US dollar was the main driver of gold's recent losses. The US Dollar Index (DXY), which measures the performance of the US currency against a basket of other major currencies, rose to 105.08. The index had a weekly increase of 0.8% and rose by 1.51% since the beginning of the year 2023 to date.
Another factor affecting the gold market. US Treasury yields rose mostly on renewed concerns about raising interest rates, as investors began to worry that the Federal Reserve may raise US interest rates at the Federal Open Market Committee (FOMC) meeting this month.
This week, the US Consumer Price Index (CPI) for August will be released. The Cleveland Fed's real-time inflation report expects inflation to reach 3.8%, driven by a big jump in energy prices.
Technical analysis of Gold prices:
The price of Gold declined now and trading below the resistance 1932 level after tried to breaching to the resistance line and didn't successful with that , as a result of that and it seems the price return to the bearish trend in the mid term especially the price of Gold trading under 1932 so the bearish trend will be in control and targeting 1916 again .
as for renewing the bullish attempts , this requires the price to get a positive impulse to stable above 1932 and then will support the price to reach 1939
The expect range trading for today it will be between resistance line 1932 and support line 1916
support line : 1916 ,1902
resistance line : 1932 , 1939
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
OUTLOOK
Gold futures failed to avoid a weekly loss, as a stronger US dollar and higher Treasury yields weighed on the yellow metal. Investors are also preparing for the long-awaited US inflation report this week, which many analysts expect to rise.
The US dollar was the main driver of gold's recent losses. The US Dollar Index (DXY), which measures the performance of the US currency against a basket of other major currencies, rose to 105.08. The index had a weekly increase of 0.8% and rose by 1.51% since the beginning of the year 2023 to date.
Another factor affecting the gold market. US Treasury yields rose mostly on renewed concerns about raising interest rates, as investors began to worry that the Federal Reserve may raise US interest rates at the Federal Open Market Committee (FOMC) meeting this month.
This week, the US Consumer Price Index (CPI) for August will be released. The Cleveland Fed's real-time inflation report expects inflation to reach 3.8%, driven by a big jump in energy prices.
Technical analysis of Gold prices:
The price of Gold declined now and trading below the resistance 1932 level after tried to breaching to the resistance line and didn't successful with that , as a result of that and it seems the price return to the bearish trend in the mid term especially the price of Gold trading under 1932 so the bearish trend will be in control and targeting 1916 again .
as for renewing the bullish attempts , this requires the price to get a positive impulse to stable above 1932 and then will support the price to reach 1939
The expect range trading for today it will be between resistance line 1932 and support line 1916
support line : 1916 ,1902
resistance line : 1932 , 1939
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
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