XAUUSD - Slippage as US data provides temporary support for DXY

アップデート済

Gold prices hit a session low due to increased consumer optimism in the US in June. The Conference Board reported that their consumer confidence index rose to 109.7 this month, surpassing expectations of around 103.9. This optimism is at its highest level in 1.5 years, despite ongoing concerns about an economic recession.

The gold market experienced selling pressure, dropping to its lowest point in the session due to the initial reaction to better-than-expected data. The August futures contract for gold last traded at $1,925, a 0.46% decrease for the day.

The report highlights positive sentiment across the board. The Present Situation Index increased to 155.3 from 148.9 reported in May. Additionally, the Expectations Index rose to 79.3, up from the previous level of 71.5.

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The housing market in the US remains strong, indicating no immediate signs of an upcoming recession despite recent difficulties. The sales of new homes are at their highest in a year, with a figure of around 680,000, which is 12.8% higher than the revised rate in April. Additionally, it is 20.0% higher than the estimated 636,000 in May 2022.

Positive data has impacted the price of Gold, causing it to slide from its highest level of $1,929 to $1,911 at the time of writing. The CB Consumer Confidence data may have had some influence today, as the Eurozone's weak data from last week and declining consumer confidence in Germany have raised concerns about a possible economic downturn, potentially supporting Gold at the $1,900 mark. Despite the positive data, Gold seems to lack downward momentum to break the psychological level of $1,900 at this stage.

ノート

From a technical perspective, the gold price action has created lower highs and lower lows with the EMA 89 acting as a key resistance level, limiting upward movement. Breaking the psychological level of $1,900 is necessary for further price decline, but it may not happen immediately due to ongoing market uncertainties.

As long as concerns about economic downturn persist, gold may still find support as its safe-haven appeal increases. A daily candle closing below $1,900 could trigger a quick move towards the support level at $1,875 before the EMA 200 at $1,854 comes into play.

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