XAUUSD ANALYSIS #GOLD #LIVE ANALYSIS 20-6-24

XAUUSD Update for 20-6-24🔺
Influencing Factors for XAUUSD on 20-6-24📌💹
Economic Data:📌🔻
US Retail Sales: Increased by only 0.1% in May, with April's figures revised down to -0.2%, indicating continued weak economic activity in Q2.
Fed Rate Cut Expectations: Markets now estimate a 67% probability of a Federal Reserve rate cut in September, up from 61% the previous day, with 48 bps of cuts expected this year.
Federal Reserve Stance
Inflation Caution: Fed policymakers remain cautious about inflation, requiring more signs of cooling before shifting to a policy-easing trajectory.
Gold Market Dynamics
Price Consolidation: Gold prices are consolidating previous gains, lacking fresh drivers for further upside.
Juneteenth Holiday Impact: Thin liquidity in the US Dollar due to the holiday might keep gold prices range-bound, but light trading conditions could also lead to exaggerated price movements.
Geopolitical Tensions
Middle East Conflict: Increased tensions following Israeli plans for an offensive in Lebanon and threats from Israeli Foreign Minister Israel Katz against Hezbollah.
Impact on Gold: Such geopolitical instability typically boosts demand for gold as a safe-haven asset, potentially driving prices higher.
🟢 Geo-political tensions could drive XAUUSD to higher price levels.
Trading Recommendations
🔻 Sell at:
$2385/$2407/$2424/$2442/$2469
Rationale: These levels are potential resistance points where selling pressure might emerge.
🔺 Buy at:
$2307/$2288/$2266/$2244/$2222
Rationale: These levels are potential support points where buying interest might increase.
Risk Management Tips
Set Stop-Loss Orders: To manage risk, consider placing stop-loss orders slightly above or below your entry points.
Monitor Market News: Stay updated on economic reports and geopolitical developments that could impact gold prices.