GOLD 8/6 : 2 factions are still fighting fiercely

Gold prices attracted some buyers near the $1940 region, representing the 100-day Simple Moving Average (SMA), during the Asian session on Thursday and recovered part of the overnight slide to the lows. lowest in a week. XAU/USD is currently trading around the $1,945-$1,946 area and is well maintained within a familiar trading range that has been held for about three weeks.

All attention is focused on interest rate management of the US Federal Reserve (Fed). The Fed will begin its Federal Open Market Committee (FOMC) meeting next week. The Fed's "hawkish" monetary policy with 10 consecutive rate hikes brought rates down to between 5 and 5.25%, which has significantly reduced inflation but is still much higher than the Fed's target.

Besides, many stock markets fell in price also contributed to the money flow through gold.

הערה:

Last week's dovish statements by several Fed officials reaffirmed market expectations of an imminent pause in the US central bank's tightening cycle. In fact, current market prices suggest that the Fed will likely leave rates unchanged at its upcoming policy meeting on June 13-14. That said, recent inflation and labor market data from the United States (US) have raised hopes of a 25 basis point (bps) increase next week.

הערה:

we can see gold is recovering slightly when it comes to the strong contention area, we can do a light scalping and sell 51

הערה:

Comment:
⭐️Make a trading plan:
✅Buy order in the $1,930-$1,932 price zone when the support zone is approached.
✖️Stoploss: $1,927.

✅Sell ​​the $1,955-$1,953 range when the price hits the resistance area.
✖️Stoploss: $1,960.