Gold trend broken, extending the downtrend
Gold prices fell for the second day in a row amid the Fed's hawkish outlook. The Fed's September interest rate cut is still on the table, which limits USD gains. Persistent geopolitical tensions contribute to limiting the rapid slide in gold prices.
The greenback followed US Treasury yields higher in the second half of Tuesday's trading session, ahead of hawkish comments from the US Federal Reserve Governor.
The uptrend line of the short-term trend has been broken and a new support price at 2312 has just been formed. The relative strength index (RSI) maintains its position below 50, proving that the downward trend in Gold prices is still continuing. In addition, the EMA 34 has begun to cross the EMA 89, in line with the main trend of the market.
If sellers muster strength, initial support will be at 2,306 and the decline could extend to the bottom of 2,290 three weeks ago.
In the opposite direction, Gold price needs to regain strength when it needs to close the daily candle above 2335 and also above the two moving averages EMA 34 and EMA 89 to return to the long-term upward trajectory. Level 2343 will become an important technical resistance hook for gold today.
Support: 2306 - 2291
Resistance: 2328 - 2343
🕯Trading signals
🔼BUY GOLD scalping zone 2306-2304 Stoploss 2301
🔼BUY GOLD zone 2291-2289 Stoploss 2286
🔽SELL GOLD scalping 2328-2330 Stoploss 2333
🔽SELL GOLD zone 2343-2345 Stoploss 2348
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