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Gold Price Update – Sellers Who Control Short-Term XAU/USD -by Ecork

Gold Price (XAU/USD), Chart, and Analysis

  • Gold may test multi-week lows.
  • Federal Reserve Chairman’s testimony to Congress is imminent.

For all market-moving data releases and events, see DailyFX Economic Calendar.

Gold is making a short-term series of lower highs on the daily chart which could point to $1,805 an ounce. to $1,815/oz. The support area in the near term may be threatened. All bets may be off though if Federal Reserve Chairman Jerome Powell cuts any hard-line rhetoric at his upcoming meetings with Congress. President Powell will testify before the Senate Banking Committee today (13:30 GMT) before speaking to the House Financial Services Committee on Thursday (14:00 GMT). President Powell has already seen that the central bank should raise rates another 50 or 75 basis points at the upcoming FOMC meeting in late July, and the market is currently pricing in a 71 basis point rate hike at that meeting. As always with these major economic events, it is wise to let the dust settle before making a trading decision.

The daily gold chart shows that gold is trapped in two trading areas. The largest area is between $1805/oz. and $1,877 an ounce. Last Thursday, the price was $1,815 an ounce. to $1,858 an ounce. The candle is currently holding onto the short term price action. The precious metal is below the three simple moving averages, which is a negative formation, while the average was last Friday “Death Cross” The 50 day simple moving average is below the 200 day simple moving average and also highlights how the price action is turning more bearish.

Comprehensive guide to moving averages

Daily Gold Price Chart – June 22, 2022

Retailer data show 81.63% of traders are net long with the ratio of long to short traders at 4.44 to 1. The number of long traders is 0.54% lower than yesterday and 7.48% lower than last week, while the number of short traders is 1.49% higher than yesterday and 33.15% higher than last week.

We usually take a conflicting view with crowd sentiment, and the fact that traders are holding out indicates that gold prices may continue to fall. However, traders have less net long positions than yesterday and compared to last week. Recent changes in sentiment warn that the current Gold prices may reverse upwards soon despite the fact that traders remain net-bought.

what or what be your point of views on me He went – Ascending or descending? You can let us know via the form at the end of this piece or you can contact the author via Twitter hahahahahaha.

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