In the past week, central banks have indicated their intention to tighten monetary policy, leading to a drop in gold prices below $1900.
Despite the possibility of an interest rate hike and a decrease in demand for physical gold, the US economy has shown signs of solid recovery with positive GDP growth in Q1 and continued consumer demand driving GDP growth.
From a technical standpoint, last Friday's retracement suggests a possible rebound in gold prices, offering hope for a recovery.
For this week, I plan to place short-term Buy orders. To start, I will wait for the price zone between $1915 and $1912 to be retested. Once that happens, I will make a purchase with a target of $1930 and $1940 for this week.
Additionally, if the market reacts at these levels, I will also consider setting up Scalp orders at $1930 and $1940.
Despite the possibility of an interest rate hike and a decrease in demand for physical gold, the US economy has shown signs of solid recovery with positive GDP growth in Q1 and continued consumer demand driving GDP growth.
From a technical standpoint, last Friday's retracement suggests a possible rebound in gold prices, offering hope for a recovery.
For this week, I plan to place short-term Buy orders. To start, I will wait for the price zone between $1915 and $1912 to be retested. Once that happens, I will make a purchase with a target of $1930 and $1940 for this week.
Additionally, if the market reacts at these levels, I will also consider setting up Scalp orders at $1930 and $1940.
