The gold price at 1,913.62 indicates a possible decline towards $1,900 due to the strengthening of the US Dollar.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• Gold price looks to lose ground toward $1,900 amid US Dollar strengthens.

The pair currently trades last at 1913.62.

The previous day high was 1927.27 while the previous day low was 1915.2. The daily 38.2% Fib levels comes at 1919.81, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1922.66, expected to provide resistance.

Gold price moves downward, trading lower around $1,910 per troy ounce during the Asian session on Tuesday. The US Dollar (USD) continues to strengthen, partly due to cautious market sentiment and higher US Treasury yields.

The US Dollar Index (DXY) hovers near 106.00 at the time of writing. The index marked its highest level on Monday since November. The yield on the 10-year US Treasury note improved to 4.55%, a level that hasn’t been observed since October 2007.

Moreover, the likelihood of high-interest rates persisting for a prolonged period is based on the resilience of the United States (US) economy, which is putting pressure on non-yielding assets like Gold.

According to Reuters, both US President Joe Biden and one of his senior advisers have issued warnings regarding the potential ramifications of a federal government shutdown. They expressed concerns that such a shutdown could result in widespread difficulties, including the loss of food benefits for nearly 7 million low-income women and children.

The statement suggests that there was a prior agreement between President Joe Biden and House Speaker Kevin McCarthy regarding government spending levels. However, it is noted that the Republican-controlled House of Representatives may attempt to pass significant budget cuts this week.

These proposed cuts would require approval by the Democratic-controlled Senate, which is expected to reject them. If both houses fail to reach an agreement on government spending, it could lead to a partial government shutdown by the following Sunday.

Investors will likely watch the macro releases such as US Consumer Confidence, Durable Goods Orders, Initial Jobless Claims and Federal Reserve’s (Fed) preferred inflation gauge, the Core Personal Consumption Expenditures (PCE) Price Index, which are scheduled to be released later in the week.

These datasets may provide crucial insights into the inflationary pressures in the US economy and could impact the Fed’s monetary policy, which could influence the price of Gold.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1914.19 at the time of writing. Pair opened at 1915.72 and is trading with a change of -0.08 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1925.75, 50 SMA 1929.25, 100 SMA @ 1941.21 and 200 SMA @ 1926.19.

The previous day high was 1927.27 while the previous day low was 1915.2. The daily 38.2% Fib levels comes at 1919.81, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1922.66, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1911.52, 1907.33, 1899.45
• Pivot resistance is noted at 1923.59, 1931.47, 1935.66

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...