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FX.co ★ Trading Signal for Gold (XAU/USD) on June 30, 2022: buy above $1,800 (weekly support - rebound)

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Forex Analysis:::2022-06-30T12:52:20

Trading Signal for Gold (XAU/USD) on June 30, 2022: buy above $1,800 (weekly support - rebound)

Trading Signal for Gold (XAU/USD) on June 30, 2022: buy above $1,800 (weekly support - rebound)

XAUUSD is trading at 1,805 and is approaching the psychological level of 1,800. The precious metal is under pressure from the prospect of more aggressive rate hikes by the Fed.

Powell said the US economy could withstand tighter monetary policy and the US central bank remains focused on getting inflation under control.

Market sentiment remains fragile amid concerns that rapidly rising interest rates and tightening financial conditions will challenge global economic growth.

This continues to weigh on investor sentiment, which was evident in falling equity markets and underpinning traditional safe-haven assets such as gold.

According to the 4-hour chart, we can see that it will continue to trade below the downtrend channel formed on June 9th.

Yesterday, gold tried to escape from this channel at around 1,830. However, it failed to do so and is now continuing its decline and is approaching the critical level at around the weekly support at 1,800.

Gold is expected to bounce off around 1,800 in the coming hours and could again reach the resistance zone of 2/8 Murray at 1,812 and even the top of the trend channel at 1,823.

Our trading plan for the next few hours is to wait for a technical bounce off around 1,800 or above 1,804. Conversely, should bearish pressure prevail and consolidate below 1,895, we can sell, targeting 1,781.

Analyst InstaForex
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