The price of gold (XAU/USD) is currently being affected by negative market sentiment towards China and concerns about the Federal Reserve (Fed). It is currently trading near its lowest point of the day, around $1,955 in early Monday trading in Europe.
Recent news about several banks lowering their growth forecasts for China has dampened investor appetite for risk and put downward pressure on the price of gold. Additionally, comments from Fed policymakers that lean towards a more hawkish stance, along with the latest report from the US central bank to Congress, have also influenced the XAU/USD price.
It is also because of pressure from bad news from the world. Gold price has not been able to break through the Break out area of $1968, it is still trending down this week, June 19, 2023
Entry Short $1968 -$1970 , Buy zone $1943 - 1940
Use the technical analysis indicator strong resistance point at $1968 combined with the moving averages MA34 and MA89 , for a nice entry point .
Recent news about several banks lowering their growth forecasts for China has dampened investor appetite for risk and put downward pressure on the price of gold. Additionally, comments from Fed policymakers that lean towards a more hawkish stance, along with the latest report from the US central bank to Congress, have also influenced the XAU/USD price.
It is also because of pressure from bad news from the world. Gold price has not been able to break through the Break out area of $1968, it is still trending down this week, June 19, 2023
Entry Short $1968 -$1970 , Buy zone $1943 - 1940
Use the technical analysis indicator strong resistance point at $1968 combined with the moving averages MA34 and MA89 , for a nice entry point .
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Gold price struggles to capitalize on its modest intraday uptick and oscillates in a narrow trading band through the first half of the Asian session on Tuesday. The XAU/USD trades around the $1,950 level, nearly unchanged for the day, and remains well within a familiar trading range held over the past month or so.
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exact trend
