Reversal to the upside, can gold reach the expected level?
World gold price today listed on Kitco floor at 1,921 USD/ounce, up 3 USD/ounce compared to early morning.
Although prices were almost unchanged from dawn the previous day, they were down from gains for the day. Earlier, gold prices reversed gains as the latest report of failed manufacturing activity slowed for the eighth consecutive month. Specifically, the June manufacturing index published by the Institute of Supply Management (ISM) was at 46%, down from 47.2% forecast.
In addition, the report also showed that the job market fell into the harvest sector in June when it fell 3.3% to 48.1%. Now waiting for my June jobs report to be released on Friday. Key nonfarm payrolls are forecast to rise 240,000 versus 339,000 in the May report.
Technically, the gold bulls have the overall near-term technical advantage with their next objective of making a close above solid physical resistance at $2,000 an ounce. The next near-term downside downside downside objective is for contract futures to consolidate below solid technical support at the February low of $1,846.8.
On the future, commodity analysts at Heraeus Precious Metals said that the "hawkish" stance of the US Federal Reserve (Fed) could maintain pressure on gold prices for longer.
XAUUSD BUY 1919- 1921💯💯
✅ TP1: 1926
✅ TP2: 1932
✅ TP3: 1937
🛑 SL: 1911
Although prices were almost unchanged from dawn the previous day, they were down from gains for the day. Earlier, gold prices reversed gains as the latest report of failed manufacturing activity slowed for the eighth consecutive month. Specifically, the June manufacturing index published by the Institute of Supply Management (ISM) was at 46%, down from 47.2% forecast.
In addition, the report also showed that the job market fell into the harvest sector in June when it fell 3.3% to 48.1%. Now waiting for my June jobs report to be released on Friday. Key nonfarm payrolls are forecast to rise 240,000 versus 339,000 in the May report.
Technically, the gold bulls have the overall near-term technical advantage with their next objective of making a close above solid physical resistance at $2,000 an ounce. The next near-term downside downside downside objective is for contract futures to consolidate below solid technical support at the February low of $1,846.8.
On the future, commodity analysts at Heraeus Precious Metals said that the "hawkish" stance of the US Federal Reserve (Fed) could maintain pressure on gold prices for longer.
XAUUSD BUY 1919- 1921💯💯
✅ TP1: 1926
✅ TP2: 1932
✅ TP3: 1937
🛑 SL: 1911
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