Gold recovered during Monday's trading session
The recovery is still cautious in the context that technical charts show that the downward pressure on gold prices in the short term is still strong and investors wait for the results of the US Federal Reserve (Fed) meeting this week...
World gold prices recovered during the trading session on Monday (June 10), regaining the key threshold of 2,300 USD/oz, after experiencing the strongest drop in more than 2 years on Friday. However, the recovery is still cautious in the context that technical charts show that the downward pressure on gold prices in the short term is still strong and investors wait for the results of the US Federal Reserve's (Fed) meeting in the near future. this week.
This recovery session of gold prices took place even when the USD and US Treasury bond yields both increased.
The Dollar Index, which measures the strength of the greenback against a basket of six other major currencies, increased nearly 0.1%, closing above 105.1 points. The 10-year US Treasury bond yield increased 4.1 basis points, reaching 4.469%.
The global financial market, including gold investors, are anxiously awaiting the US consumer price index (CPI) report for May and the results of the Fed meeting, which are expected to be announced respectively at the meeting. morning and afternoon on Wednesday.
A hotter-than-expected CPI report will strengthen the case for the Fed to keep interest rates higher for longer, putting downward pressure on gold. On the contrary, a report with weaker-than-expected data will pave the way for gold prices to go up.
Regarding the Fed meeting, the market predicts there will be no move to adjust interest rates at this meeting. What investors are interested in is the Fed's quarterly updated economic report and Fed Chairman Jerome Powell's press conference after the end of the two-day meeting.
🌐GOLD PLAN June 11
Upper border breakout: 2315 - 2320 - 2329
Lower border breakout: 2291 - 2286 - 2280
Price ranges to note:
Support: 2286 - 2280 - 2274 - 2268 - 2259
Resistance: 2315 - 2320 - 2325 - 2338
🔴SELL price range 2320 - 2322 stoploss 2326
🟢BUY price range 2270 - 2268 stoploss 2264
🔴SELL price range 2338 - 2340 stoploss 2344
Scalping strategies will be applied when the resistance - support areas above have entry signals.
Note: Full TP, SL to be safe and win the market.
World gold prices recovered during the trading session on Monday (June 10), regaining the key threshold of 2,300 USD/oz, after experiencing the strongest drop in more than 2 years on Friday. However, the recovery is still cautious in the context that technical charts show that the downward pressure on gold prices in the short term is still strong and investors wait for the results of the US Federal Reserve's (Fed) meeting in the near future. this week.
This recovery session of gold prices took place even when the USD and US Treasury bond yields both increased.
The Dollar Index, which measures the strength of the greenback against a basket of six other major currencies, increased nearly 0.1%, closing above 105.1 points. The 10-year US Treasury bond yield increased 4.1 basis points, reaching 4.469%.
The global financial market, including gold investors, are anxiously awaiting the US consumer price index (CPI) report for May and the results of the Fed meeting, which are expected to be announced respectively at the meeting. morning and afternoon on Wednesday.
A hotter-than-expected CPI report will strengthen the case for the Fed to keep interest rates higher for longer, putting downward pressure on gold. On the contrary, a report with weaker-than-expected data will pave the way for gold prices to go up.
Regarding the Fed meeting, the market predicts there will be no move to adjust interest rates at this meeting. What investors are interested in is the Fed's quarterly updated economic report and Fed Chairman Jerome Powell's press conference after the end of the two-day meeting.
🌐GOLD PLAN June 11
Upper border breakout: 2315 - 2320 - 2329
Lower border breakout: 2291 - 2286 - 2280
Price ranges to note:
Support: 2286 - 2280 - 2274 - 2268 - 2259
Resistance: 2315 - 2320 - 2325 - 2338
🔴SELL price range 2320 - 2322 stoploss 2326
🟢BUY price range 2270 - 2268 stoploss 2264
🔴SELL price range 2338 - 2340 stoploss 2344
Scalping strategies will be applied when the resistance - support areas above have entry signals.
Note: Full TP, SL to be safe and win the market.
Comment:
The Dollar Index, which measures the strength of the greenback against a basket of six other major currencies, increased nearly 0.1%, closing above 105.1 points. The 10-year US Treasury bond yield increased 4.1 basis points, reaching 4.469%.
Comment:
Canadian Bank economists continued that the basic scenario may be the optimism of the US Federal Reserve Governor regarding recent economic developments, especially if the Consumer Price Index report for May shows a further slowdown in inflation, and the economic interest rate forecasts may be updated and the possibility of showing two possible cuts in 2024.
Trade closed: target reached:
Plan SELL 2320 - 2333 + 110pips, close a part move SL to entry.🔥
Comment:
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