Gold is on a strong decline 5/29/2023
Gold price is expected to escalate its downfall as a rebound in households’ spending has strengthened fear of more interest rates by the Fed. Friday’s United States Personal Consumption Expenditure (PCE) Price Index (April) data showed persistence in inflation as individuals are still spending significantly. Also, US Durable Goods Orders data expanded by 1.1% vs. a contraction of 1.0% as expected, which indicates resilience in US economic outlook.
Gold price has turned imbalance after a breakdown of the consolidation formed in a range of $1,952-1,985 on the daily scale. The precious metal has shifted into bearish territory and is expected to find immediate support near March 22 low at $1,934.34. After a breakdown of the March 22 low, the Gold price would get exposed to February 09 high at $1,890.27.
The 20-period Exponential Moving Average (EMA) at $1,975.00 is acting as a barricade for the Gold bulls.
The Relative Strength Index (RSI) (14) has slipped below 40.00, showing no signs of divergence and an absence of evidence of oversold situation supports weakness ahead.
With the current situation, it is very positive for gold to continue its deep decline after the Fed announced a rate hike in June.
𝖷𝖠𝖴𝖴𝖲𝖣 BUY NOW 1945 1943 💯💯
✅𝖳𝖯1 1948
✅𝖳𝖯2 1951
✅TP3 1955
🛑𝖲𝖫 1937
𝖷𝖠𝖴𝖴𝖲𝖣 SELL LIMIT 1950 - 1953 💯💯
✅𝖳𝖯1 1945
✅𝖳𝖯2 1940
✅TP3 1935
🛑𝖲𝖫 1958
Gold price has turned imbalance after a breakdown of the consolidation formed in a range of $1,952-1,985 on the daily scale. The precious metal has shifted into bearish territory and is expected to find immediate support near March 22 low at $1,934.34. After a breakdown of the March 22 low, the Gold price would get exposed to February 09 high at $1,890.27.
The 20-period Exponential Moving Average (EMA) at $1,975.00 is acting as a barricade for the Gold bulls.
The Relative Strength Index (RSI) (14) has slipped below 40.00, showing no signs of divergence and an absence of evidence of oversold situation supports weakness ahead.
With the current situation, it is very positive for gold to continue its deep decline after the Fed announced a rate hike in June.
𝖷𝖠𝖴𝖴𝖲𝖣 BUY NOW 1945 1943 💯💯
✅𝖳𝖯1 1948
✅𝖳𝖯2 1951
✅TP3 1955
🛑𝖲𝖫 1937
𝖷𝖠𝖴𝖴𝖲𝖣 SELL LIMIT 1950 - 1953 💯💯
✅𝖳𝖯1 1945
✅𝖳𝖯2 1940
✅TP3 1935
🛑𝖲𝖫 1958
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