Gold: PCE supported
The price of gold was traded in a mixed manner during the previous week. The expectations on the PCE data for May brought back some higher volatility on the markets during the Friday`s trading session. During the week, the price of gold tested some lower grounds, in an attempt to break the $2.300 support line. However, the price reverted back, reaching the highest weekly level on Friday, at $2.340. Still, the price of gold is ending the week at $2.325. A shift in price during the week was supported by market expectations that the Fed might soon cut interest rates for the first time, after inflation data showed a clear slowdown.
The RSI was moving below the level of 50 during the week, modestly reaching its lowest weekly level at 44. It shows that the market is still not ready to clear the path toward the clear oversold market side. Moving average of 50 days is modestly slowing down its divergence path, however, it is still not in a mood to start a convergence one. The potential for a cross is still far away, at the moment.
Previous week`s trading showed that currently gold has a strong support at the $2.300 level. Since April this year, the market has not been able to break this level to the downside. However, the market is gearing up their expectations for the Fed's first rate cut in September this year, which might be supportive for the price of gold in the coming period. Still, it should not be expected to make significant moves to the upside. As per current charts, there is some probability that the level of $2.360 could be tested.
The RSI was moving below the level of 50 during the week, modestly reaching its lowest weekly level at 44. It shows that the market is still not ready to clear the path toward the clear oversold market side. Moving average of 50 days is modestly slowing down its divergence path, however, it is still not in a mood to start a convergence one. The potential for a cross is still far away, at the moment.
Previous week`s trading showed that currently gold has a strong support at the $2.300 level. Since April this year, the market has not been able to break this level to the downside. However, the market is gearing up their expectations for the Fed's first rate cut in September this year, which might be supportive for the price of gold in the coming period. Still, it should not be expected to make significant moves to the upside. As per current charts, there is some probability that the level of $2.360 could be tested.
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כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.