XAUUSD: Economic recovery!
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Technical analysis:
The Relative Strength Index (RSI) is currently above the average level, and its moving average is also above average, suggesting an uptrend. However, this creates a multi-frame divergence that indicates a potential reversal. The Exponential Moving Averages (EMAs) 34 and 89 are still close to the current price line. The price is currently moving sideways within a small range in terms of Fibonacci retracement, but lacks the necessary volume to break through the 0.382 fibo zone. Market predictions suggest that gold will continue to fall.
Market overview:
On Tuesday, spot gold is experiencing slight downward pressure and is currently trading at approximately $1,960. Financial markets are currently being cautious due to recent discouraging macroeconomic data and upcoming major announcements next week. The market sentiment has been impacted by lower-than-expected figures, but there are also high expectations for central bank meetings next week. The US Federal Reserve is expected to maintain its current monetary policy, while the European Central Bank is anticipated to deliver another rate hike.
In addition, the US will release its latest inflation update prior to the Fed's decision. The May Consumer Price Index (CPI) is expected to rise by 4.2% YoY. Although the CPI has been steadily decreasing since reaching a multi-decade high in mid-2022, the labor market remains tight, with some signs of loosening. Additionally, wage inflation remains high, which is causing concerns among speculative interest.
I predict that gold will continue to decline until it reaches the level of 193x before it can start rising again. Please note that this is not a statement about safety or danger.
The Relative Strength Index (RSI) is currently above the average level, and its moving average is also above average, suggesting an uptrend. However, this creates a multi-frame divergence that indicates a potential reversal. The Exponential Moving Averages (EMAs) 34 and 89 are still close to the current price line. The price is currently moving sideways within a small range in terms of Fibonacci retracement, but lacks the necessary volume to break through the 0.382 fibo zone. Market predictions suggest that gold will continue to fall.
Market overview:
On Tuesday, spot gold is experiencing slight downward pressure and is currently trading at approximately $1,960. Financial markets are currently being cautious due to recent discouraging macroeconomic data and upcoming major announcements next week. The market sentiment has been impacted by lower-than-expected figures, but there are also high expectations for central bank meetings next week. The US Federal Reserve is expected to maintain its current monetary policy, while the European Central Bank is anticipated to deliver another rate hike.
In addition, the US will release its latest inflation update prior to the Fed's decision. The May Consumer Price Index (CPI) is expected to rise by 4.2% YoY. Although the CPI has been steadily decreasing since reaching a multi-decade high in mid-2022, the labor market remains tight, with some signs of loosening. Additionally, wage inflation remains high, which is causing concerns among speculative interest.
I predict that gold will continue to decline until it reaches the level of 193x before it can start rising again. Please note that this is not a statement about safety or danger.
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