XAUUSD - Rally cracks: To What extent could fall ?
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Gold prices fell below a key support level on Thursday, indicating that the upward pressure on prices has diminished. This is due to the central bank's hawkish comments and improved risk sentiment, reducing the appeal of the safe-haven metal. XAU/USD dropped below $1,930, including its lowest level in late May, which was highlighted as a risk in the Thursday update.
In short, the steepening of the yield curve will mark the turning point for the Gold market because that precedes the start of rate cuts. The yield curve began to steepen in the spring with the multiple bank failures, but the Fed was able to paper over that, and the economy has avoided recession for now.
How quickly the yield curve steepens depends on the health of the economy. The closer we are to a recession, and the faster it hits means, the closer the yield curve is to steepening and Gold starting its breakout move.
In short, the steepening of the yield curve will mark the turning point for the Gold market because that precedes the start of rate cuts. The yield curve began to steepen in the spring with the multiple bank failures, but the Fed was able to paper over that, and the economy has avoided recession for now.
How quickly the yield curve steepens depends on the health of the economy. The closer we are to a recession, and the faster it hits means, the closer the yield curve is to steepening and Gold starting its breakout move.
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Target price levels have emerged from recent price action. On the hourly chart, a break below the horizontal trendline since the end of May has triggered a small descending triangle, with a target price around $1,890.
On the daily charts, the recovery in early June was weak, only reaching a 38.2% retracement of the May decline. The measured target price of the May downtrend indicates a drop towards the EMA 89 line.
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Powell reiterated the central bank's hawkish stance, suggesting the need for higher interest rates. He also emphasized that rates would move at a "cautious pace" going forward. "At least we are getting closer to where we think we should be," Powell stated during his testimony before the Senate Banking Committee on Thursday.
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🐾 SELL zone 1939 - 1936 ⚠️ Stop Loss : 1942
💲 Take Profit 1: 1927
💲 Take Profit 2: 1920
💲 Take Profit 3: 1910
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