Macro approach:
- Gold rebounded sharply from mid-May lows, fueled by renewed safe-haven demand following Moody’s downgrade of the US credit rating.
- However, the rally lost momentum near a two-week high as profit-taking and easing US-EU trade tensions cooled demand.
- Longer-term fundamentals remain supportive, with persistent central bank buying, particularly from China, underpinning bullish sentiment.
Technical approach:
- Technically, XAUUSD broke above its descending channel and retested the breakout. The price remains range-bound between 3285 and 3560, and we await a clear breakout.
- Closing above 3560 could open to 3430.
- On the contrary, a break below 3285 risks a decline toward 3135.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
- Gold rebounded sharply from mid-May lows, fueled by renewed safe-haven demand following Moody’s downgrade of the US credit rating.
- However, the rally lost momentum near a two-week high as profit-taking and easing US-EU trade tensions cooled demand.
- Longer-term fundamentals remain supportive, with persistent central bank buying, particularly from China, underpinning bullish sentiment.
Technical approach:
- Technically, XAUUSD broke above its descending channel and retested the breakout. The price remains range-bound between 3285 and 3560, and we await a clear breakout.
- Closing above 3560 could open to 3430.
- On the contrary, a break below 3285 risks a decline toward 3135.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.