Gold prices have experienced four consecutive weeks of decline, with a 3.6% drop in the current month, marking the worst performance since February. Despite this decline, retail traders are showing increased bullish sentiment toward gold. This suggests that some investors see the lower prices as an attractive buying opportunity.
XAU/USD at the new highs
2020-06-24 • Updated
XAU/USD rose to the highest levels since 2012. The advance has become stretched and the price may try to correct down. There’s a cluster of candlesticks above $1,765, they have long lower wicks – a sign that buyers don’t give up. This may lead the price to 1,775. The next resistance will be at 1,780. The slide below 1,765 will meet support at 1,759.
Trade ideas for XAU/USD
SELL 1,764; TP 1,759; SL 1,766
BUY 1,772; TP 1,775; SL 1,771
Here's the latest news from Federal Reserve Chair Jerome Powell. While speaking at a conference in Portugal, Powell expressed optimism about the US economy and decreased the possibility of a recession, stating that the economy has shown resilience and is still growing, albeit at a modest pace. He acknowledged the possibility of a recession but emphasized that it is not the most likely scenario.
Here's the scoop on China's gold demand. According to Bloomberg, the country's economic slowdown is beginning to affect the sector, resulting in a cooling off of gold sales. While jewelry sales experienced rapid growth earlier this year, they only expanded by 24% in May, indicating a slowdown. China, alongside India, is a leading consumer of physical gold, including bars, jewelry, and coins
Intraday and swing scenarios based on price action and volume profile.
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Last week I gave a trade idea on XAUUSD with a target around the $2,020 price line. At the time of writing, XAUUSD already exceeded the target and I’m sure that would leave a lot of people wondering what to expect next. Below, I have presented my view of how I expect the price action to turn out in the meantime.