GOLD traded slightly down, main technical trend
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Entering the first phase of the week, 
XAUUSD decreased slightly due to high US interest rates making gold less attractive. Gold is on the defensive as US Treasury yields rose after Federal Reserve officials maintained a hawkish stance. Even so, the US dollar has not received any significant support, and in foreign exchange trading the Dollar is still weaker than other major correlated currencies.
• Fed officials say there will only be one rate cut in 2024, via Minneapolis Fed's Neel Kashkari. Over the weekend, the Minneapolis Fed's Neel Kashkari discussed monetary policy, saying it was "a reasonable forecast that the Fed will ease policy by just 25 basis points (bps) in 2024."
That would send US bond yields higher, making holding gold less attractive while the federal funds rate remains elevated.
• Fed Harker said that based on his current forecasts, he believes a rate cut this year is appropriate, underscoring the signal that interest rates will likely remain high.
“If everything goes as expected, I think a rate cut would be appropriate later this year,” Harker said. The data is fine." So we'll still rely on the data."
• Philadelphia Fed President now predicts economic growth will slow but remain above trend and the unemployment rate will increase modestly. He also believes that returning to the Fed's inflation target will be a "long process."
• China's central bank paused an 18-month gold purchase, which also put pressure on gold prices. China's central bank's gold holdings held steady at 72.8 million ounces in May.
In addition, the market is also paying close attention to upcoming comments from New York Fed President John Williams, Philadelphia Fed President Patrick Harker and Fed Governor Lisa Cook.
The US will release retail sales data on Tuesday, initial jobless claims on Thursday and preliminary purchasing managers index (PMI) data on Friday. These data are expected to help investors better understand current consumption levels and economic strength.
Analysis of technical prospects forXAUUSD
On the daily chart, gold is still trading modestly with a resistance confluence area created by the 0.236% Fibonacci retracement, horizontal resistance at $2,345, the 21-day moving average (EMA21) and the upper edge. The price channel is the main pressure area.
Meanwhile, the current technical trend of gold price is still leaning heavily towards the possibility of a price decrease with the main trend from the price channel.
In the immediate future, the support levels for gold prices include 2,305 - 2,300 USD. If the original price level of 2,300 USD is broken below, it will open up conditions for a new decline in gold prices with the target at 2,286 USD in the short term. limit and more than the 0.382% Fibonacci level.
As long as gold remains within the channel and below the EMA21, its technical outlook remains bearish with notable technical levels listed below.
Support: 2,305 – 2,300USD
Resistance: 2,324 – 2,340 – 2,345USD
🪙SELL XAUUSD | 2351 - 2349
⚰️SL: 2355
⬆️TP1: 2344
⬆️TP2: 2339
🪙BUY XAUUSD | 2299 - 2301
⚰️SL: 2295
⬆️TP1: 2306
⬆️TP2: 2311
XAUUSD decreased slightly due to high US interest rates making gold less attractive. Gold is on the defensive as US Treasury yields rose after Federal Reserve officials maintained a hawkish stance. Even so, the US dollar has not received any significant support, and in foreign exchange trading the Dollar is still weaker than other major correlated currencies.• Fed officials say there will only be one rate cut in 2024, via Minneapolis Fed's Neel Kashkari. Over the weekend, the Minneapolis Fed's Neel Kashkari discussed monetary policy, saying it was "a reasonable forecast that the Fed will ease policy by just 25 basis points (bps) in 2024."
That would send US bond yields higher, making holding gold less attractive while the federal funds rate remains elevated.
• Fed Harker said that based on his current forecasts, he believes a rate cut this year is appropriate, underscoring the signal that interest rates will likely remain high.
“If everything goes as expected, I think a rate cut would be appropriate later this year,” Harker said. The data is fine." So we'll still rely on the data."
• Philadelphia Fed President now predicts economic growth will slow but remain above trend and the unemployment rate will increase modestly. He also believes that returning to the Fed's inflation target will be a "long process."
• China's central bank paused an 18-month gold purchase, which also put pressure on gold prices. China's central bank's gold holdings held steady at 72.8 million ounces in May.
In addition, the market is also paying close attention to upcoming comments from New York Fed President John Williams, Philadelphia Fed President Patrick Harker and Fed Governor Lisa Cook.
The US will release retail sales data on Tuesday, initial jobless claims on Thursday and preliminary purchasing managers index (PMI) data on Friday. These data are expected to help investors better understand current consumption levels and economic strength.
Analysis of technical prospects for
XAUUSD On the daily chart, gold is still trading modestly with a resistance confluence area created by the 0.236% Fibonacci retracement, horizontal resistance at $2,345, the 21-day moving average (EMA21) and the upper edge. The price channel is the main pressure area.
Meanwhile, the current technical trend of gold price is still leaning heavily towards the possibility of a price decrease with the main trend from the price channel.
In the immediate future, the support levels for gold prices include 2,305 - 2,300 USD. If the original price level of 2,300 USD is broken below, it will open up conditions for a new decline in gold prices with the target at 2,286 USD in the short term. limit and more than the 0.382% Fibonacci level.
As long as gold remains within the channel and below the EMA21, its technical outlook remains bearish with notable technical levels listed below.
Support: 2,305 – 2,300USD
Resistance: 2,324 – 2,340 – 2,345USD
🪙SELL XAUUSD | 2351 - 2349
⚰️SL: 2355
⬆️TP1: 2344
⬆️TP2: 2339
🪙BUY XAUUSD | 2299 - 2301
⚰️SL: 2295
⬆️TP1: 2306
⬆️TP2: 2311
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- XAUUSD cannot sustain above 2,350 USD per troy ounce. Prices retraced and began consolidating around $2,300 per troy ounce, just above support.- If XAUUSD sustains above $2,300 per troy ounce, the price could test $2,350 and the high set on June 7.
- However, if XAUUSD trends below the $2,300 per troy ounce zone, the price could drop to the next psychological support level.
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World gold prices plummeted to their lowest level in 2 weeks, penetrating the important psychological threshold of 2,300 USD/oz, as the USD increased sharply while the market waited for an important US inflation report. Some experts believe that the toughness of US Federal Reserve (Fed) officials and the rise of the USD will continue to put downward pressure on gold prices in the short term, but the gold price trend may change. should be clearer from Friday.
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🧩Forex signals have a high win rate
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