• The US dollar recovered strongly after announcing the content of the minutes of the last meeting of the US Federal Reserve, which contributed to the increase in the selling of the gold price.
• Its losses reached the support level of 1760 dollars per ounce before settling around the 1763 dollars per ounce level at the time of writing the analysis.
• The XAU/USD gold price abandoned the $1800 psychological resistance at the beginning of this week’s trading.
• Investors have increased their appetite to buy the dollar as a haven, in addition to the strength factors from the future tightening of the US central bank’s policy, which is negative for gold.

Gold analysts’ expectations in the coming days:

A new institutional analysis has found that the XAU/USD gold price is likely to be supported by continued hedging demand by investors, and a new medium-term technical analysis says a return to the $1835 resistance cannot be ruled out.

The latest research report from the World Gold Council (WGC) showed that they expect the precious metal to remain relatively supported in the near term. “Gold is likely to remain reactive to real prices, driven by the speed with which global central banks are tightening monetary policy in an effort to control inflation,” WGC says in its mid-year analysis. The report adds that although the Fed is likely to continue raising interest rates and creating potential headwinds for gold, many of this hawkish policy is “priced in”. Meanwhile, persistent inflation and geopolitical risks are likely to keep gold in demand as a hedge, the report says.

He adds that “the weak performance of stocks and bonds in a potentially inflationary environment may also be positive for gold.”

From a technical perspective, Bill McNamara, Director of The Technical Trader says that the gold chart deserves a closer look after its latest price move. He stated, “The weekly chart shows that the price is heading to the upside since it fell back to the trading low of $ 1,680 three weeks ago, at which point it tested – successfully – the support in the form of bottoms that were originally formed again in the first half of 2021.”

Over the past four weeks, gold prices have risen 5.6%, their best performance since February/March, when they rose to $2,052.41 an ounce. The analyst added, “Her most recent price movement pushed it to a five-week high, and it should be noted that it does not look particularly overbought at this point (RSI = 61%), which means there may still be room for more approach.” He also said that the next area of ​​potential resistance would be at $1,835 or so, at which point it would have rebounded nearly 38.2% of the selling started in March.

XAU/USD Gold Price Analysis Today:

We still prefer buying gold from every descending level, and the closest and most appropriate buying levels for that are 1754 and 1738 dollars, respectively. On the other hand, according to the performance on the daily chart, the bulls will not control the trend again without moving towards the psychological resistance of 1800 dollars an ounce again. The price of gold will be affected today by the price of the US dollar, the extent to which investors are willing to risk or not, the reaction from the announcement of inflation figures in the euro area, the announcement of the Philadelphia Industrial Index reading, and the number of US weekly jobless claims.

Ready to trade today’s Gold prediction? Here’s a list of some of the best Gold brokers to check out.

Gold futures snapped a four-day losing streak and settled slightly higher at the end of last week’s trading, as the US dollar gave up some of its strength. Treasury yields fell amid a slight decline in inflation concerns. The price of gold XAU/USD today around the level of 1837 dollars an ounce and the selling operations last week pushed it towards the support level of 1817 dollars an ounce.

On the economic front, data from the Commerce Department showed a significant recovery in US new home sales in May. The report showed new home sales rose 10.7% to an annual rate of 696,000 in May after declining 12% to an upwardly revised 629,000 in April. The surprise rise surprised economists who had expected US new home sales to decline 0.5 percent to an annual rate of 588 thousand from 591 thousand originally reported for the previous month.

Meanwhile, a separate report from the University of Michigan showed that US consumer confidence fell slightly more than initially expected in June. The report showed that the Consumer Confidence Index for June was revised down to 50.0 from an initial reading of 50.2. The Consumer Confidence Index fell sharply from the final reading for May of 58.4, falling to an all-time low. The sharp decline in the headline index came as the current economic conditions index fell to 53.8 in June from 53.3 in May, while the consumer expectations index fell to 47.5 from 55.2.

Today’s XAU/USD Gold Forecast:

Despite today’s recovery, however, the price of gold is subjected to downward pressure, and I still prefer to buy XAU/USD gold from every bearish level. The ongoing and increasing global geopolitical tensions still support the opportunity to buy gold in the end. The closest buying levels most appropriate to the last performance are 1817, 1800 and 1785 dollars, respectively. On the other hand, the price of gold may come out of the control of the last bears if it returns to move towards the resistance levels of 1855 and 1877 dollars, respectively.

The price of gold will be affected today by the price of the US dollar and the extent of investors’ appetite for risk or not, as well as the reaction from global central banks’ signals towards the future of tightening their monetary policy.

We often recommend buying gold from every descending level with quick deals and taking advantage of the continuous rebounds every time the price of gold declines.

Gold futures ended the tumultuous trading week lower as the brunt of the financial market sell-off came on the yellow metal. Gold prices not only closed the session lower, but also recorded a weekly decline. This was mostly driven by the appreciation of the US dollar as investors flocked to the safe-haven traditional assets. With the Federal Reserve raising US interest rates, it will be even more difficult for gold.

Accordingly, the price of gold fell to the support level of 1815 dollars per ounce and recovered during the Friday trading session to the level of 1853 dollars per ounce. This was before closing the week’s trading around the level of 1840 dollars per ounce, and this week’s trading started stable around the level of 1838 dollars per ounce. All in all, gold prices posted a weekly loss of about 2%, shrinking their annual gains to less than 1%. Over the past 12 months, gold is still up more than 4%.

As for the price of silver, the sister commodity to gold, it also ended Friday’s trading session lower as it could not stay above the $22 level. Silver futures fell to $21.63 an ounce. The white metal recorded a weekly loss of 1.35%, which increased its decline since the start of the year 2022 to date by more than 7%. Over the past 12 months, silver prices have fallen by more than 16%.

The main reason for gold’s decline last week was the US dollar, which continued its strong performance in 2022. The US Dollar Index (DXY), which measures the performance of the US currency against a basket of major currencies, rose to 104.65, from its opening around 103.63. The index posted a modest weekly gain of 0.48%, extending its YTD hike beyond 9%.

In general, a stronger profit is bad for dollar-priced commodities because it makes them more expensive to buy for foreign investors.

Another factor affecting the gold market. The Treasury market was mostly in the red, with the benchmark 10-year Treasury yield down 7.4 basis points to 3.231%. The one-year bond yield slipped to 2.86%, while the 30-year yield fell 7.9 basis points to 3.282%.

The gold market is usually sensitive to a price appreciation environment because it increases the opportunity cost of holding bullion that is not yielding.

All in all, it has been a reckless week in both gold and global financial markets. From weak economic data to a stronger dollar to the Federal Reserve getting bolder to fight inflation, gold has been trying to absorb everything that has happened. This may explain why gold prices have fluctuated throughout the trading week. Market experts also believe that there may be a renewed demand for gold amid fears of a recession. The dreaded “r” has become the primary scenario for many on Wall Street as the US central bank attempts to tame inflation through a series of interest rate increases.

Some recent economic data painted a bleak picture for the US economy. Industrial production rose by only 0.2% while industrial output decreased by 0.3%. Earlier this week, US retail sales also fell 0.2%, the number of Americans filing for unemployment benefits increased, and housing demand waned.

As for other metals markets, copper futures fell to $4.0115 a pound. Platinum futures fell to $929.20 an ounce. Palladium futures fell to $1,795.50 an ounce.

According to gold technical analysis: The price of gold is trying to remain in the neutral zone with a relatively upward tendency, as is the performance on the daily chart below. I have often recommended buying gold from every descending level with quick deals and taking advantage of the continuous rebounds every time the price of gold declines. I still see that the gold market receives momentum from the continuation of global geopolitical tensions and the world’s fears of economic stagnation in light of the global central banks’ strong tendency towards raising Interest rates to contain record inflation.

Accordingly, the bulls may return to control the direction of gold if it moves towards the resistance levels of 1865 and 1878 dollars, respectively. There will be no change to a strong bearish trend without a breach of the $1800 support level for an ounce.

Gold futures posted modest gains yesterday due to weaker US dollar and lower Treasury yields. The price of the yellow metal has been struggling over the past three months due to the Fed’s tightening efforts, which drove up bond yields and strengthened the US currency. Analysts warn that the outlook for gold is bleak, so prices may not be able to touch $2,000 again. The price of gold moved towards the level of 1855 dollars an ounce after it fell to the support level of 1837 countries an ounce in the same trading session.

Gold prices are up 0.7% over the past week and are still up about 1% YTD 2022. In the same way, the price of silver, the sister commodity to gold, is trying to stay above the $22 level once again. Silver futures jumped to $22.195 an ounce. Accordingly, the price of the white metal is looking to recoup more of its losses as silver prices are now down by about 5%.

While gold hasn’t been able to shine as many thought in an inflationary environment, the precious metal has outperformed major benchmarks this year. Commenting on the performance, a team led by Michael Aaron, chief investment analyst at State Street Global Advisors wrote in their mid-year forecast, “From the beginning of 2022 to date, gold has outperformed the S&P 500, by 0.61% by 14.17%, showing its ability to Protection from declines in the stock market.

With financial markets approaching the second half of 2022, market analysts believe that investors can choose to add gold to their portfolios for an element of diversification.

The metals market found support from a weak dollar, with the US Dollar Index (DXY) sliding to 102.36, from the opening of 102.44. The index measures the performance of the US dollar against a basket of currencies. A weaker dollar is good for dollar-priced commodities because it makes them cheaper to buy for foreign investors. Another factor affecting the gold market. US Treasury yields were red across the board, with the 10-year yield falling 7.7 basis points to 2.961%. One-year yields rose one basis point to 2.206%, while 30-year yields fell 7.7 basis points to 3.114%.

Gold is generally sensitive in an appreciation environment because it raises the opportunity cost of holding non-yielding bullion.

In other metals markets, copper futures rose to $4.4385 a pound. Platinum futures fell to $1014.70 an ounce. And futures contracts for palladium fell to 1963.50 dollars an ounce.

According to gold technical analysis: The gold market may remain on hold until the announcement of the European Central Bank policy update and US inflation figures, factors that strongly affect investor and market sentiment. On the daily chart, the price of gold is still moving in its last range, and it will be the closest to new buying levels if it moves towards the support levels of 1828 and 1815 dollars, respectively. On the other hand, the bulls will need to breach the resistance levels of 1875 and 1888 dollars, respectively, to confirm the strong and continuous control over the direction of gold. I still prefer buying gold from every bearish level.

We expect the lira to continue to decline, especially if the pair closed above the 16.40 resistance levels. 

Today’s recommendation on the lira against the dollar

Risk 0.50%.

None of the buy or sell trades of yesterday’s recommendations were activated

Best selling entry points

• Entering a short position with a pending order from 17.11 levels
• Set a stop-loss point to close the lowest support levels 17.26.
• Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.
• Close half of the contracts with a profit equal to 55 pips and leave the rest of the contracts until the strong resistance levels at 16.40.

Best entry points buy

• Entering a long position with a pending order from 16.33 levels
• The best points for setting the stop loss are closing the highest levels of 16.22.
• Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.
• Close half of the contracts with a profit equal to 55 pips and leave the rest of the contracts until the support levels 16.60

The Turkish lira recorded slight changes during early trading this morning, meanwhile, the state-owned Turkish Petroleum Pipelines Company (Botas), crude oil and natural gas pipelines and trade, on Wednesday, announced an increase in natural gas prices by 10 percent to 40 percent for industrial production, while the price of homes will be raised by 30%. The increase in the price of natural gas used in industry will be 10% for those who use more than 300,000 cubic meters and 40% for those who consume more than that amount. At the same time, Turkey’s Energy Market Regulatory Authority (EMRA) raised electricity prices by 15% to 25%, according to the statement published in the Official Gazette. Global changes in oil and gas prices significantly affect the Turkish economy, as it is almost completely dependent on foreign energy imports. This raised inflation levels to record levels that contributed to pressure on the Turkish lira

On the technical front, without major changes from yesterday, the Turkish lira stabilized against the dollar, which recorded slight movements during today’s trading. The lira traded around the main resistance levels at 16.40. The pair also maintained its trading above the top of the bullish trend shown on the chart, at the same time, the pair continued trading above the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame. At the same time, the pair is trading above the support levels that are concentrated at 16.00 and 15.85 levels, respectively. On the other hand, the lira is trading below the resistance levels at 16.39 and 17.11. We expect the lira to continue to decline, especially if the pair closed above the 16.40 resistance levels. Each pullback on the pair represents an opportunity to buy back. Please adhere to the numbers in the recommendation with the need to maintain capital management.

For the second day in a row, the price of gold is exposed to selling operations with losses to the support level of $1842 an ounce and bouncing back from the resistance level of $1870 an ounce. We had recommended to our valued clients to sell gold from the resistance level of $1877 an ounce. Gold prices fell to break a four-day winning streak, as the US dollar rebounded from its recent losses ahead of the release of the minutes of the Federal Reserve’s latest policy meeting.

Yesterday. US stocks closed on Wall Street broadly higher, after the announcement of the recent meeting of the Federal Reserve, which indicated that the US central bank intends to move “quickly” to raise US interest rates again to more neutral levels in its battle to tame inflation.

The S&P 500 Index rose 0.9%, while the Dow Jones Industrial Average rose 0.6%. The Nasdaq rose 1.5%. Indices rebounded after being in the red early on, on their way to achieve weekly gains, despite more bullish and bearish trading this week.

Minutes from the Fed’s meeting earlier this month show that most officials agreed that half-point increases to the Fed’s short-term benchmark rate are “likely to be appropriate” at the next two central bank meetings, in June and July. Such an increase would be twice the usual height. The US central bank has begun raising interest rates in an effort to stem the highest inflation in four decades, so traders are keen to gain new insight into the thinking of Fed officials. However, the Fed meeting minutes did not reveal any major surprises.

Data from the Commerce Department showed new orders for US durable goods rose less than expected in April. The Commerce Department said durable goods orders rose 0.4% in April, after rising 0.6%, revised downward, in March. Economists had expected durable goods orders to rise 0.6%, compared to the 1.1% jump reported the previous month.

Excluding transportation equipment orders, durable goods orders rose 0.3% in April after rising 1.1% in March. Previous transfer orders were also expected to rise 0.6%.

According to the technical analysis of gold: I still see that the price of gold is buying from every bearish level, and the support levels of 1837 and 1820 dollars will be the most prominent to do this during trading this week. As I mentioned before, the trend of global central banks towards raising interest rates to contain negative inflation for gold, but it has other strong factors represented in global geopolitical tensions led by the Russian / Ukrainian war and the slowdown of the Chinese economy due to a new outbreak of the epidemic.

On the other hand, the most prominent stations of the bulls’ control over the gold trend are the resistance levels of 1877 and 1885, and the psychological top of 1900 dollars, respectively. The price of gold will be affected today by the level of the US dollar in response to the minutes of the Federal Reserve meeting and the announcement of the growth rate of the US economy, as well as the extent to which investors take risks or not.

Gold futures fell during last week’s trading, officially erasing all their gains in 2022. The price of the yellow metal came under heavy pressure this month, supported by the Fed’s tightening efforts, the strength of the US dollar, and rising Treasury yields.

For now, the bull market appears to be over, even if inflation has risen significantly. The price of gold fell to the support level of $ 1799 for an ounce, the lowest price of the yellow metal in three months. We ended the week’s trading around the level of $ 1811 an ounce.

In general, gold prices fell by 3.85% during the past week, bringing its decline since the beginning of the year 2022 to date to about 1%. Silver, the sister commodity to gold, joined the rally at the end of last week’s trading. Silver futures rose to $21.125 an ounce. The price of the white metal fell by more than 5.5% last week, adding to its decline during 2022 by about 10%.

All in all, gold prices are trading at their lowest in 14 months. Furthermore, gold is below the 200-day moving average, which is usually considered a bearish component. But will the precious metal maintain this downtrend? Not exactly, as some market analysts suggest.

Investors were selling gold due to the rally in the stock market and higher Treasury yields. The Dow Jones Industrial Average and Nasdaq Composite Index each added more than 400 points, while the S&P 500 jumped nearly 100 points. The US Treasury market was green, with the benchmark 10-year bond yield rising 11.1 basis points to 2.928%. One-year yields rose 6.2 basis points to 1.958%, while the 30-year yield rose 11.7 basis points to 3.088%.

Gold is generally sensitive to a higher interest rate environment because it raises the opportunity cost of holding non-yielding bullion.

Besides this, the dollar weakened as the US Dollar Index (DXY), a measure of the US currency against a basket of major currencies, fell to 104.47, from an opening at 104.77. A weak dollar is beneficial for dollar-priced commodities because it increases the cost of purchasing them for foreign investors.

Relative to the prices of other metals, copper futures rose to $4.1645 a pound. Platinum futures fell to $930.80 an ounce. Palladium futures advanced to $1,925.50 an ounce.

According to the technical analysis of gold: There is no doubt that the movement of the gold price below the psychological support level of 1800 dollars an ounce threatens the outlook for the rise of gold, but at the same time it may be an opportunity to think about seizing opportunities to buy after the recent selling operations. The most prominent support levels for the market are currently 1788 and 1760 dollars Straight. Despite the recent performance, I still prefer buying gold from every bearish level, and whoever bought and continued to decline is doing buy reinforcement trades. On the other hand, breaking the resistance of 1835 dollars an ounce on the daily chart will be important for the bulls in more momentum to return on its upward path.

Gold prices continued to decline, losses of the yellow metal this week, and reached the support level of $ 1832 for an ounce, the lowest in three months. The downward pressure came in conjunction with the rise in the price of the US dollar near its highest levels in two decades, amid expectations that the Federal Reserve will raise US interest rates in the coming months. Accordingly, the dollar index rose to 103.98, although it remained somewhat sluggish earlier in the day.

On the other hand, lower long-term bond yields helped limit the decline in the price of gold.

In the same performance, silver futures closed at $21.424 an ounce, while copper futures settled at $4.1545 a pound.

Today, Wednesday, investors and markets are awaiting the release of US inflation data, which may affect the monetary policy of the Federal Reserve. The Labor Department is due to release its report on consumer price inflation today, with the annual rate of price growth expected to slow to 8.1% in April from 8.5% in March. The recent snapshot of inflation could affect expectations about how aggressively the Federal Reserve plans to raise US interest rates.

Wall Street indices ended a choppy day of trading with a mixed close on Tuesday, after a rally in technology stocks helped reverse an early slide. Accordingly, the S&P 500 index closed 0.2% higher, cutting a three-day losing streak, after swinging between a gain of 1.9% and a loss of 0.8%. The day before, the benchmark index fell 3.2%, hitting its lowest level in more than a year.

The Dow Jones Industrial Average was down 0.3%, while the Nasdaq Technology Index was up 1%. Big tech stocks, which have been swinging sharply up and down lately, helped cope with losses elsewhere in the market. The subtle market action came ahead of the Labor Department’s release of the US Consumer Price Index, a key economic report on inflation that investors will be watching closely as they try to gauge how aggressively the Federal Reserve is in raising interest rates while fighting inflation.

In contrast, US Treasury yields have risen, and stocks have been very volatile lately as Wall Street adjusts to a strong shift in the Fed’s policies away from supporting the economy. Where the central bank raises interest rates from their historical lows to combat the ever-increasing inflation, which reached its highest level in four decades. The Fed has raised its benchmark interest rate from nearly zero, as it has sat for most of the coronavirus pandemic. He indicated last week that he would double the size of future increases.

Higher prices for raw materials, freight and labor have slashed companies’ financial results and prospects. Many companies are raising prices on everything from clothing to food, raising concerns that consumers will eventually cut back on spending, hurting economic growth.

According to the technical analysis of gold: On the daily chart, the recent losses of the gold price have moved the technical indicators towards oversold levels and buying may be considered in preparation for the expected rebound in the gold price to rise again. The support levels of 1815 and 1790 may be the most appropriate to think about that. Global financial reaction from the announcement of US inflation figures.

In addition, global geopolitical tensions led by the Russian-Ukrainian war, along with fears of an epidemic, still represent a good environment to prevent the complete collapse of the gold price in light of the general trend of global central banks towards tightening their monetary policy. On the other hand, the psychological resistance of 1900 dollars for an ounce is still the most important for the bulls’ return to control the trend.

LUNA/USD dove to long-term low values in early trading this morning, as a combination of nervousness and fundamental selling hit Terra.

LUNA/USD fell below the 24.00000000 USD level in early trading this morning.  As of this writing, the price of Terra is traversing near 28 USD, but this price is certain to be different as readers study this article. The price of LUNA/USD has reacted to broad market nervousness among digital assets and the fact that the ‘stable coin’ TerraUSD, backing LUNA/USD, faltered below the 1.00 level yesterday. LUNA/USD is part of the Terra ecosystem and the Terra/USD cryptocurrency as of this morning is seeing volatile price action still and is near 85 cents as of this writing.

LUNA/USD began yesterday’s trading within a bearish trend certainly, and its slide which began slightly below the 69.00000000 mark until this morning’s low has likely wiped out plenty of trading accounts. Traders looking to participate in LUNA/USD are urged to use entry price orders to make sure their fills meet their expectations. And anyone pursuing LUNA/USD also needs to use an extremely well-selected array of risk management.

The nervous sentiment in the broad crypto market is likely to continue as many of the major digital assets challenge lower support levels, and LUNA/USD will work under this shadow too.  Coupled with the notion that price pressure is evident in Terra’s ecosystem via its stable coin will have an effect on LUNA/USD also. Values of LUNA/USD can be expected to see a great deal of volatility the remainder of the day.

If LUNA/USD falters to the 27.00000000 mark again, it will not be surprising to see the cryptocurrency retest morning lows again.  The abrupt nature of the selling pressure in the broad market, and the onslaught of behavioral sentiment which is likely feeling the sting of massive losses in some trading accounts will not help ease the tension. The question for LUNA/USD is when stability may come back into its trading landscape, and that may not happen for a while. LUNA/USD will certainly continue to shake in value as long as the Terra ecosystem which is geared towards its stable coin which is under fire, suffers further price pressure.

Traders who want to sell LUNA/USD need to be cautious. It may be the logical decision, but speculators need to be prepared for massive spikes and unsuspecting news flow which may continue to be experienced. If LUNA/USD breaks below the 24.000000000 level, there is reason to suspect prices not seen since the middle of August of 2021 could be displayed.

Terra Short-Term Outlook

Current Resistance: 32.58000000

Current Support: 27.63000000

High Target: 44.8700000

Low Target: 21.59000000

XRP/USD is challenging long-term support levels with prices not seen since March of 2021, as broad cryptocurrency market nervousness rips through the trading landscape.

XRP/USD remains under a vast amount of pressure in early trading this morning.  Ripple has challenged the 47 cents level a couple of times in the past day. While the price of XRP/USD has recovered slightly the fact that it is trading below the 53 cents mark is not about to start a parade of buyers who will proclaim the lows have been seen and a strong reversal is underway. The broad cryptocurrency marketplace is suffering from a sea of losses and XRP/USD is among the victims.

Speculators who are willing to wager on price direction under the present trading conditions need to acknowledge the market is dangerous. XRP/USD like many of its major counterparts has brushed aside long term technical support levels.  Values are now hitting ratios not seen in over a year, which underscores the magnitude of the bearish trend which has shown its claws and produced steep declines.

Price velocity in XRP/USD has been fast. On the 6^th of May XRP/USD was trading above the 61 cents juncture, early this morning’s low of 47 cents represents a price change that is strong and shows why speculators need to use cautious amounts of leverage. Traders who have been wagering on downside price action may be inclined to pursue additional drops in value from XRP/USD, but they are also advised to cash in profitable trades before they vanish into thin air.

Bullish speculators who believe the crypto market is vastly oversold may still be within the midst, but the bearish trend has made their speculative bets dangerous. Positions seeking upside price action may seem like a rather logical decision, but take profit orders should be used to capture winning positions quickly, because downside price action is likely to resume if behavioral sentiment remains poor.

If the 51 cents XRP/USD level fails to hold in the short term, further tests lower could be demonstrated quickly. Traders looking for upside should keep their targets realistic and be able to make fast transactions. Sentiment can be described as more than fragile under the present trading conditions. The bearish trend has not only created downward momentum, but created the need for technical traders to find long term charts and consider further declines which some may have believed were impossible.

Ripple Short-Term Outlook

Current Resistance: 0.53100

Current Support: 0.50450

High Target: 0.54170

Low Target: 0.44580