best way to make money in f2p osrs – MENAFN.COM

Forgot Username or Password Date(MENAFN– DailyFX) Gold Technical Price Outlook: XAU/USD Near-term Trade Levels Gold price updated technical trade levels – Daily & Intraday Charts XAU/USD threatens break below support / June opening-range ahead of …

Forgot Username or Password


(MENAFN– DailyFX) Gold Technical Price Outlook: XAU/USD Near-term Trade Levels

  • Gold price updated technical trade levels – Daily & Intraday Charts
  • XAU/USD threatens break below support / June opening-range ahead of FOMC
  • New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide

Advertisement
Gold prices are attempting to break below a key support barrier and the monthly range lows ahead of tomorrow highly anticipated FOMC interest rate decision. Expectations for a steeper path of Fed rate-hikes have continued to weigh on the yellow metal with XAU/USD breaking to fresh monthly lows today. These are the updated targets and invalidation levels that matter on the XAU/USD technical charts heading into FOMC. Review my latest Strategy Webinar for an in-depth breakdown of this gold technical setup and more.
Chart Prepared by Michael Boutros , Technical Strategist; Gold on Tradingview
Technical Outlook: In my last Gold Price Outlook we highlighted that XAU/USD had carved,“the June opening-range just above key support at 1818/27- a region defined by the 100% extension of the yearly decline and the 61.8% Fibonacci retracement of the 2021 advance. Look for the breakout in the days ahead to offer further guidance on our medium-term directional bias.” Massive back-to-back outside-day reversal patterns reinforced this key rang with gold attempting to break key support today- we’re looking for a daily close below to validate the move.
Notes: A closer look at Gold price action shows XAU/USD slipping into the 1818/27 support zone in early US trade with the median-line resting just lower. A close below this threshold would threaten resumption of the broader downtrend towards subsequent support objectives at the yearly low-week close at 1791 and November lows / 78.6% retracement at 1758/61- look for a larger reaction there IF reached. Weekly-open resistance stands at 1871 with near-term bearish invalidation now lowered to the upper parallel near ~1880.
Bottom line: A break below the monthly opening-range here would keep the bearish trend in play towards the yearly lows – watch the daily closes. From a trading standpoint, look to reduce short-positioning / lower protective stops on a stretch towards 1760- rallies should be capped by the 200-day moving average (currently ~1843) IF price is indeed heading lower. Ultimately, we’re on the lookout for a medium-term exhaustion low in the days ahead. Stay nimble heading into tomorrow’s FOMC interest rate decision – expect volatility. Review my latest Gold Weekly Price Outlook for a closer look at the longer-term XAU/USD technical trading levels.
For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy
Economic Calendar – latest economic developments and upcoming event risk.
– Written by Michael Boutros , Technical Strategist with DailyFX
Follow Michael on Twitter @MBForex

MENAFN14062022000076011015ID1104374304


MENAFN14062022000076011015ID1104374304
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.

Tags
Comments
Category
Date




logo
World and Middle East business and financial news, Stocks, Currencies, Market Data, Research, Weather and other data.
Contact Us Click here
Tel: +962 6 5690450
Copyright © 2000 MENAFN. All rights reserved.
Design & Devleopment by MENAFN

source