Gold is driven to return to 2400

21 thg 6

Despite the increase in the US Dollar and US bond yields, spot gold prices still increased and reached 2,365 USD/ounce.

Data last week showed labor market and price pressures were easing, while weak retail sales data released on Tuesday showed economic activity remained sluggish in the second quarter.

Rising geopolitical risks have fueled gold's bullish trend. Tensions are rising in the Middle East as Israel threatens to attack Lebanon. Combined with the recently signed agreement between Russia and North Korea through President Putin's state visit, this could increase the appeal of gold as it increases geopolitical risks in the region. , is currently trading near key resistance levels reported to readers in yesterday's edition.

Gold is still rising on safe-haven demand as global geopolitical threat levels rise again and global powers move troops on the global strategic chessboard.

Analysis of technical prospects for gold prices

On the daily chart, gold is temporarily limited by key resistance that readers noticed in yesterday's edition after gold moved above the 34 EMA.

The current $2,385 technical level is the closest notable resistance and once it is broken gold has the wherewithal to head for a new bullish cycle with a near-term target of $2,400 raw price.

Support: 2345 - 2336 - 2332 - 2325 - 2320
Resistance: 2370 - 2375 - 2385

SELL zone 2388- 2390 stoploss 2394

BUY zone 2345 - 2343 stoploss 2339

BUY zone 2332 - 2330 stoploss 2326

22 thg 6

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Gold drops below $2,340 as US yields rebound
Gold loses its traction and trades deep in the red below $2,340 in the second half of the day on Friday. The benchmark 10-year US Treasury bond yield pushes higher following the upbeat PMI data from the US, weighing on XAU/USD.

24 thg 6

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