2021-06-02 • Updated
As warned over the past few days, gold is not in a position to keep on rising. Yesterday gold managed to rise all the way to $1,916. However, it failed to sustain these gains and dropped back below $1,900/Oz. The technical indicators are heavily overbought and starting to turn lower again, which keeps the possibility for further declines ahead. Such a downside move is only a short-term retracement, and it does not mean that the upside trend is over. Therefore, we still prefer to wait for the downside retracement to conclude before adding new long positions, while we maintain the long positions that we issued back in April at $1,725 and $1,715/Oz for now, but it's wise to raise the stop loss to $1,835 for now.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
|
1854.80 |
1878.99 |
1889.71 |
1903.18 |
1913.90 |
1927.37 |
1951.56 |
The e-commerce giant has recently faced a lot of pressure, starting from global uncertainty in China amid lockdowns and geopolitics. The company has been added to the US SEC (Securities and Exchange Commission) delisting queue. Finally, there’s an earnings report coming on August 4. Let’s discuss everything and prepare for the next move.
US stocks have delivered their worst first half of a year in more than 50 years triggered by the Fed's attempt to control inflation and growing concerns about recession.
Powell wants a soft landing for inflation, as Greenspan did in 1994. But it looks like he will get a hard landing.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
