Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
XAU/USD: gold is in the dead zone
2019-11-11 • Updated
Recommendation:
SELL $1,3320 SL $1,3470 TP1 $1,3060 TP2 $1,2920 TP3 $1,2730
SELL $1,3430 SL $1,3580 TP1 $1,3060 TP2 $1,2920 TP3 $1,2730
On the daily chart of XAU/USD, bulls manage to hold off an enemy attack at the $1,306-1,308.50 support. Another test of this area in case of success will increase the possibility of a pullback to $1273 and lower. The condition necessary for the uptrend’s resumption is a convincing break of resistance at $1350 an ounce.
On H1, much will depend on bulls’ ability to lead the pair outside of descending channel.
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Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
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