News digest for Wednesday 28/06/2023

GOLD: US Dollar Hits Supply Zone, What Next?

Here's the latest news from Federal Reserve Chair Jerome Powell. While speaking at a conference in Portugal, Powell expressed optimism about the US economy and decreased the possibility of a recession, stating that the economy has shown resilience and is still growing, albeit at a modest pace. He acknowledged the possibility of a recession but

Gold Price Forecast: XAU/USD resilient despite Fed’s rate hike speculations on solid US data

Gold price regains momentum above $1900 despite increased odds of Fed rate hikes. US economic data underscores robust growth, pushing XAU/USD to test 200-day EMA. Treasury bond yields soar, underpinning projections of higher rates and potential headwinds for Gold demand. Gold price recovers some ground after sliding below the $1900 figure for the first time

Gold Price Forecast: XAU/USD to find a major floor at the 200-DMA of $1,856 – Credit Suisse

The decline in Gold is now on the cusp of Credit Suisse’s target of price and retracement support at $1,900/1,890. The bank analyzes XAU/USD technical outlook. Weekly close below $1,856 to reinforce the longer-term sideways range Gold has declined to our core target of $1,900/1,890 and with the rising 200-DMA seen not far below at

Breaking: ​​​​​​​Gold drops below $1,900 for the first time since mid-March

Stronger-than-expected US economic data boosts the US Dollar across the board. US Treasury yields spike higher, putting pressure on Gold. XAU/USD fell below $1,900/oz, reaching its lowest level in three months. Gold prices tumbled following the release of US economic data. XAU/USD broke below $1,900 for the first time since mid-March and fell to $1,894.

Gold Price Forecast: XAU/USD bears keep control, focus on $1,885 and Fed inflation gauge

Gold Price stays bearish near the lowest levels since March, braces for the second consecutive weekly loss. Hawkish Federal Reserve talks, upbeat United States data underpin US Dollar strength and weigh on XAU/USD. US-China jitters, Germany’s recession fears and fewer accolades for European Central Bank hawks also favor Gold sellers. China’s official PMIs, US PCE

Exciting Gold Price Forecast: XAU/USD stands firm above the $1,900 mark, while all eyes eagerly await the US PCE Price Index for a burst...

Gold price fails to attract any buyers or build on the overnight bounce from a multi-month low. Hawkish major central banks continue to act as a headwind for the non-yielding commodity. The US Dollar stands tall near a two-week high and also contributes to capping the XAU/USD. Investors keenly await the release of the US

Wednesday is here! News is here too.

The European Central Bank news

Luis de Guindos from ECB: ‘Inflation is more resilient than expected’ and ‘ECB to raise the rate in July.’ RTRS says, ‘ECB members are leaning towards further rate hikes. Also, consider accelerating the reduction of the ECB’s balance sheet.’

The EURUSD is trying to break the resistance of 1.1000. If bulls succeed – the next target will be 1.1090. The price is in the bullish channel. There is still a possibility that the market will form the classical Head and Shoulders pattern, but personally, we don’t believe in that. ECB is ready for the rate hike. As a result, EUR may start rising against other currencies.


The situation in the US economy

The US consumer confidence in June rose to 109.7 points. According to the Conference Board: ‘The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—rose to 155.3 from 148.9 last month. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—rose to 79.3 from 71.5 in May.’

The Conference Board Chief Economist Dana Peterson: ‘Consumer confidence improved in June to its highest level since January 2022, reflecting improved current conditions and pop-in expectations.’

New Home Sales increased to 763K vs. 675K, as expected. That gives Fed room for the rate hike. Goldman Sachs raised its Q2 2023 GDP growth forecast to +2.2% QoQ from +1.8% previously – and again after solid housing data.

The US stock market reversed again. S&P500 grew by 1.15%, Dow Jones rose by 0.63%, and Nasdaq100 jumped by 1.75%.

BTCUSD has almost reached 100MA on the Weekly timeframe. Be careful with long positions, dears. The cryptocurrency may be correct.

XAUUSD is still above $1900 – the local trend is bearish, BUT the global trend is still bullish. 200MA is heading up.


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