XAUUSD - Nudges higher as US Bond Yields turn lower

Fed Chair Powell's testimony last week did little to convince the market that interest rates could increase further in the future. He stated that it was a "reasonable prediction" that US interest rates would rise as inflation pressures continue to increase. The ongoing battle between an aggressive Fed and a market worried about an impending recession will continue to distort the US yield curve and cause interest rate volatility.

Gold surpassed its previous support level last week, and if this level now turns into resistance, the price of gold will decrease. The key retreat level is $1,904, just above the psychological level of $1,900, with the retreat level of the recovery from late September to early May at $1,849. A push and consolidation above $1,940 will alleviate downward price pressure for the precious metal.

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Data from retail traders shows that 73.92% of traders have a net buying position, with a buy-to-sell ratio of 2.83 to 1. The number of net buyers is 1.59% higher than yesterday and 18.45% higher than last week, while the number of net sellers is 5.67% higher than yesterday and 22.28% lower than last week.

Our view often differs from market sentiment, and the net buying traders suggest that the price of Gold could continue to decrease. The net long position is lower than yesterday but higher than last week. The combination of current sentiment and recent changes leads us to a more mixed trading trend for Gold.

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🐾 SELL zone 1933 - 1935 (intraday)

⚠ Stop Loss : 1938

💲 Take Profit 1: 1927
💲 Take Profit 2: 1920
💲 Take Profit 3: 1912

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🐾 BUY zone 1922 - 1925 (intraday)

⚠ Stop Loss : 1918

💲 Take Profit 1: 1930
💲 Take Profit 2: 1935
💲 Take Profit 3: 1940

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⭐️ BUY strategy in action

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⭐️Plan to BUY Successfully Take Profit 1 + 100pips 💲💲💲