Jump to content

Gold Price Forecast: XAU Coils as Inflation and Recession Odds Conflict


MongiIG

Recommended Posts

GOLD, XAU, POWELL, INFLATION, RECESSION, TECHNICAL OUTLOOK - TALKING POINTS

  • Gold prices trimming overnight gains as APAC stocks catch a bid
  • Oil prices and recession risk odds key to XAU’s short-term direction
  • XAU/USD trades in a tight range as a possible shift in direction looms

Gold Price Forecast: XAU Coils as Inflation and Recession Odds Conflict

Gold prices are trimming gains after stocks on Wall Street turned negative overnight. The yellow metal benefited from its appeal as a hedge against stock market declines. 

XAU/USD TECHNICAL FORECAST

Prices have coiled tightly just above the 1830 level since Monday. During the same time, the Relative Strength Index and MACD have stabilized below their respective midpoints. The behavior may suggest that a breakout or breakdown may be in order. To the downside, the psychologically important 1800 level may serve as support. Alternatively, the 61.8% Fibonacci retracement or an ascending trendline may cap prices.

XAU/USD DAILY CHART

xau chart

Chart created with TradingView

 
 

--- Written by Thomas Westwater, Analyst for DailyFX.com | 23rd June 2022

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • SOL is on the move! Keep your eyes peeled as it approaches key resistance at $148.27. Further ceilings await at $148.98 and $151.86. However, a breakthrough could signal a stronger bullish phase.   Support levels stand firm at $141.17, with even stronger foundations at $133.73 and $128.71. These are critical in case of any selling pressure, offering potential buying opportunities on dips.   Feeling bullish? Traders might consider long entries on pullbacks to major support levels, with stop-loss orders placed below $133.73 to manage risk. If SOL struggles, short positions could be in play with targets set at subsequent support levels.
    • In last couple of years, there has been  debate over the top memecoin investment with centre of discussion around DOGE, SHIB, FLOKI, PEPE and a host of others. Personally, I feel comparing any contender to DOGE feels akin to comparing altcoins to BTC. DOGE, being the pioneer memecoin, boasts an impressive $22 billion market cap, towering over its closest competitor, SHIB, with a $13 billion market cap. Its unique endorsement by Elon Musk further solidifies its position. The fervent backing from its vast online and offline community serves as a blueprint for other memecoins to follow. Thus, it's no surprise that DOGE emerged victorious in a recent Bitget poll, where enthusiasts competed to showcase their community's strength in honor of DOGE DAY 2024. With DOGE predictably clinching the win, ten fortunate participants stand to each receive $300 worth of DOGE through the event's gleam completion. Let's seize this opportunity to bolster our crypto portfolios.  
    • Hi @neueneuen Thanks for coming back to this, Please note that number 1 above has been confirmed, unfortunately, I don't have number 2 yet. We will keep you updated. Thanks, KoketsoIG
×
×
  • Create New...
us