Macro approach:
- Gold rebounded sharply from mid-May lows, fueled by renewed safe-haven demand following Moody’s downgrade of the US credit rating.
- However, the rally lost momentum near a two-week high as profit-taking and easing US-EU trade tensions cooled demand.
- Longer-term fundamentals remain supportive, with persistent central bank buying, particularly from China, underpinning bullish sentiment.
Technical approach:
- Technically, XAUUSD broke above its descending channel and retested the breakout. The price remains range-bound between 3285 and 3560, and we await a clear breakout.
- Closing above 3560 could open to 3430.
- On the contrary, a break below 3285 risks a decline toward 3135.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
- Gold rebounded sharply from mid-May lows, fueled by renewed safe-haven demand following Moody’s downgrade of the US credit rating.
- However, the rally lost momentum near a two-week high as profit-taking and easing US-EU trade tensions cooled demand.
- Longer-term fundamentals remain supportive, with persistent central bank buying, particularly from China, underpinning bullish sentiment.
Technical approach:
- Technically, XAUUSD broke above its descending channel and retested the breakout. The price remains range-bound between 3285 and 3560, and we await a clear breakout.
- Closing above 3560 could open to 3430.
- On the contrary, a break below 3285 risks a decline toward 3135.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
I’ve taken a break from my public community engagements to focus on raising my three kids, but I'm rediscovering my passion for working again. Stay connected, as I plan to return and rejoin my old communities with a lot of new skills one day soon.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
I’ve taken a break from my public community engagements to focus on raising my three kids, but I'm rediscovering my passion for working again. Stay connected, as I plan to return and rejoin my old communities with a lot of new skills one day soon.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.