Forming an Uptrend Channel (Chart)

  • Gold prices are trading higher today, Thursday, reaching a two-week high of $2345 an ounce as slowing US economic performance has raised expectations that the Federal Reserve may cut interest rates this year.
  • According to the results of the economic calendar, data on Tuesday showed that US retail sales barely rose, indicating a decline in consumer sentiment.
  • This, along with recent labor market and price data indicating easing pressures, prompted the Federal Reserve to seek further confirmation of slowing inflation before cutting interest rates likely by the end of the year.

Gold Analysis Today 20/6: Forming an Uptrend Channel (graph)

Meanwhile, Chicago Federal Reserve President Austan Goolsbee described the latest reading of consumer price inflation as “excellent” on Tuesday and expressed optimism about further slowdown in inflation this year. Currently, investors are focusing on weekly unemployment claims due later in the day and purchasing managers’ indices on Friday for insights on consumption and economic strength.

On a gold market-impacting front, the DXY US Dollar Index is hovering around 105.3 today as US investors return from a one-day holiday, while markets look to further economic data for better guidance on expectations. US new housing starts, building permits, and initial jobless claims are scheduled for release today, Thursday, while S&P Globe’s manufacturing and services PMI reports are due out Friday.

Earlier this week, the US dollar came under pressure as weaker-than-expected US retail sales data reinforced bets that the Federal Reserve will be forced to cut US interest rates soon. Now, markets see a roughly two-thirds chance that the Fed will start easing policy in September, with rates expected to be cut twice this year.

Also, investors are looking ahead to the Bank of England’s policy decision later today, which is expected to hold rates steady before delivering its first rate cut in August.

Gold Price Forecast and Analysis Today:

According to the performance on the daily chart, the upward path of gold price is stronger. According to the performance on the daily chart, moving above the resistance of $2355 per ounce will be important for more bulls’ confidence and technical readiness for further upward movement. Moreover, expectations will return to the future of the psychological resistance of $2400 per ounce again if it moves first towards the resistance of $2375. Increased global geopolitical tensions and more central bank purchases of gold may increase its momentum to move towards that. Finaly, we still prefer to buy gold from every downward level.

Ready to trade our Gold forecast? We’ve shortlisted the most trusted Gold brokers in the industry for you. 

Source link

Visited 9 times, 1 visit(s) today

Related Article

Gold Rebound From 4100 Suggests “Wyckoff Accumulation,” With Two Key Tests Ahead

Gold Rebound From 4100 Suggests “Wyckoff Accumulation,” With Two Key Tests Ahead

Gold’s current resilience in the face of the broad-based Dollar rally is raising the possibility that the recent decline has transitioned into a “Wyckoff Accumulation” phase. The sharp drop to 4,100 last week, followed by a swift recovery toward 4,600, suggests that what initially appeared to be a breakdown may instead have been a liquidity-driven

Is the War Really Reaching Its End? Assets Bounce Despite Oil Rally – Market Check

Is the War Really Reaching Its End? Assets Bounce Despite Oil Rally – Market Check

We are now officially entering the fifth week of the US-Iran-Israel conflict, which sent bombs flying all over the Middle East, but more concerningly, sent Global Assets flying all over. The main culprit was Crude Oil prices – rallying about 50% since its Monthly open, the commodity hasn’t failed to contribute its fair part in

EUR/JPY Mid-Day Outlook - ActionForex

EUR/JPY Mid-Day Outlook – ActionForex

Daily Pivots: (S1) 184.00; (P) 184.34; (R1) 184.81; More… EUR/JPY’s accelerated decline and break of 183.17 minor support should confirm rejection by 184.75 resistance. Intraday bias is back on the downside for 181.85 support. Firm break there will argue that the correction from 186.86 is already in the third leg, and should target 180.78 and

Assistant professor loses Rs 70L in forex trading scam

Assistant professor loses Rs 70L in forex trading scam | Ahmedabad News

Ahmedabad: A 39-year-old assistant professor posted at a govt hospital has approached the Cybercrime police claiming he was cheated of more than Rs 70 lakh in a forex trading scam run through Telegram. According to the complaint lodged on March 29, the victim, a native of Rajasthan who currently stays in a hospital hostel, was

USD/CHF Mid-Day Outlook - ActionForex

USD/CHF Mid-Day Outlook – ActionForex

Daily Pivots: (S1) 0.7955; (P) 0.7974; (R1) 0.8009; More…. USD/CHF’s rally from 0.7603 is in progress and intraday bias stays on the upside. Further rise should be seen to 38.2% retracement of 0.9200 to 0.7603 at 0.8213. On the downside, below 0.7951 minor support will turn intraday bias neutral first. But further rally is expected

GBP/USD Dips Further As EUR/GBP Regains Traction

GBP/USD Dips Further As EUR/GBP Regains Traction

GBP/USD failed to climb above 1.3500 and corrected some gains. EUR/GBP started a decent increase and might aim for more gains above 0.8700. Important Takeaways for GBP/USD and EUR/GBP Analysis Today The British Pound is showing bearish signs below the 1.3400 support. There is a key bearish trend line forming with resistance near 1.3280 on

GBP/JPY Mid-Day Outlook - ActionForex

GBP/JPY Mid-Day Outlook – ActionForex

Daily Pivots: (S1) 212.15; (P) 212.65; (R1) 213.08; More… GBP/JPY’s strong break of 210.77 support suggests that rebound from 207.20 has completed at 213.29. The pattern from 214.98 should now be in the third leg. Intraday bias is back on the downside for 209.15 support first. Firm break there will target 207.20 next. For now,

USD/JPY Mid-Day Outlook - ActionForex

USD/JPY Mid-Day Outlook – ActionForex

Daily Pivots: (S1) 159.70; (P) 160.05; (R1) 160.65; More… Intraday bias in USD/JPY stays neutral for the moment. Some consolidations would be seen but further rally is still in favor. Above 160.45 will bring retest of 161.94 high. Nevertheless, considering bearish divergence condition in 4H MACD, sustained break of 55 4H EMA (now at 159.20)

Eurozone Sentiment Weakens Further as ESI Falls to 96.6

Eurozone Sentiment Weakens Further as ESI Falls to 96.6

Sentiment in Europe deteriorated further in March, with the Economic Sentiment Indicator falling from February to 96.6 in the Eurozone and to 96.7 in the EU, both moving further below the long-term average of 100. The Employment Expectations Indicator also declined to 97.3 and 96.4 respectively. The decline in sentiment was driven primarily by a

GBP/JPY Daily Outlook - ActionForex

GBP/JPY Daily Outlook – ActionForex

Daily Pivots: (S1) 212.15; (P) 212.65; (R1) 213.08; More… GBP/JPY falls notably today but stays above 210.77 support. Intraday bias remains neutral first. on the upside, above 213.28/9 resistance will resume the rise from 207.20 to retest 214.98 high. However, firm break of 210.77 will argue that the pattern from 214.98 has entered its third

Gold Holds Steady Within Fresh Range Near 4,500

Gold Holds Steady Within Fresh Range Near 4,500

Gold pares gains below uptrend line on softer Dollar. Dip‑buyers emerge, but upside remains limited. Momentum signals maintain a neutral‑to‑bearish stance. Gold is holding steady near 4,500 on Monday, attempting to build on last session’s 2.5% rebound as a softer dollar offsets fading rate‑cut expectations. Still, the precious metal struggles to attract strong dip‑buying interest

EUR/USD Under Pressure, Is Another Leg Lower Imminent?

EUR/USD Under Pressure, Is Another Leg Lower Imminent?

Key Highlights EUR/USD started a fresh decline and traded below 1.1550. It traded below a bullish trend line with support at 1.1520 on the 4-hour chart. GBP/USD extended losses and traded below 1.3320. Gold prices are showing signs of weakness below $4,550. EUR/USD Technical Analysis The Euro failed to settle above 1.1620 against the US

Weekly Forex Forecast - 29th March

Weekly Forex Forecast – 29th March

Fundamental Analysis & Market Sentiment I wrote on 22nd March that the best trades for the week would be: Long of the USD/JPY currency pair. This gave a win of 0.95%. Long of Brent Crude Oil but with ¼ of the normal position size. This gave a loss of 1.85%. Last week’s overall loss of

Table of prices Nasdaq 100 29/03/2026

Weekly Pairs in Focus 29th March to 3rd April 2026 (Charts)

Created on March 29, 2026 NASDAQ 100 The Nasdaq 100 initially tried to rally during the week but has collapsed as fear continues to grip the market. Interest rates in America continue to climb and we have now sliced through the crucial 23,800 level. We are below the 50-week EMA as well and quite frankly;

AUD/USD Daily Report - ActionForex

AUD/USD Daily Report – ActionForex

Daily Pivots: (S1) 0.6853; (P) 0.6907; (R1) 0.6941; More… Intraday bias in AUD/USD on the downside as this point. Fall from 0.7187 is seen as correcting the whole up trend from 0.5913. Deeper decline would be seen to 38.2% retracement of 0.5913 to 0.7187 at 0.6700. On the upside, though, above 0.6956 minor resistance will

EUR/AUD Daily Outlook - ActionForex

EUR/AUD Daily Outlook – ActionForex

Daily Pivots: (S1) 1.6651; (P) 1.6706; (R1) 1.6796; More… EUR/AUD’s rise from 1.6125 short term bottom continues today and intraday bias remains on the upside. Sustained break of 55 D EMA (now at 1.6755) will pave the way to 38.2% retracement of 1.8554 to 1.6125 at 1.7053. Nevertheless, below 1.6607 minor support will turn intraday

Trading app scams surge 1,400%: Millions of US investors at risk as trading interest soars, expert warns

Trading app scams surge 1,400%: Millions of US investors at risk as trading interest soars, expert warns

Beware of fakes and impersonations Scammers often create fake versions of popular trading platforms to trick users into sharing their personal information. With AI, these clones can be extremely convincing, replicating layouts, logos and even fake testimonials. Hence, always check the URLs carefully since scammers often use slightly altered domain names to catch careless users out.  If anything seems suspicious, change your

USD/CAD Weekly Outlook - ActionForex

USD/CAD Weekly Outlook – ActionForex

USD/CAD’s rebound from 1.3480 accelerated high last week. Initial bias stays on the upside this week for 38.2% retracement of 1.4791 to 1.3480 at 1.3981. Decisive break there will argue that it’s already reversing the whole down trend from 1.4791, and target 61.8% retracement at 1.4290. On the downside, below 1.3844 minor support will turn

0
Would love your thoughts, please comment.x
()
x