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SYMBOL
LAST
BID
ASK
HIGH
LOW
NET CHG.
%CHG.
SPREAD
SPX
S&P 500 Index
6852.51
6852.51
6852.51
6871.59
6796.84
-26.37
-0.38%
--
DJI
Dow Jones Industrial Average
48723.53
48723.53
48723.53
48923.47
48377.96
-254.40
-0.52%
--
IXIC
NASDAQ Composite Index
22621.00
22621.00
22621.00
22693.76
22306.08
-47.20
-0.21%
--
USDX
US Dollar Index
98.610
98.610
98.690
98.680
97.680
+1.030
+ 1.06%
--
EURUSD
Euro / US Dollar
1.16785
1.16785
1.16792
1.17955
1.16715
-0.01373
-1.16%
--
GBPUSD
Pound Sterling / US Dollar
1.33696
1.33696
1.33703
1.34554
1.33138
-0.01162
-0.86%
--
XAUUSD
Gold / US Dollar
5295.88
5295.88
5296.29
5419.02
5260.69
+16.60
+ 0.31%
--
WTI
Light Sweet Crude Oil
70.679
70.679
70.709
73.079
69.180
+3.443
+ 5.12%
--
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SlowBear ⛅ 
oqpwkqk 
This is not a place where you should open more.
SlowBear ⛅
Size
@DushanIf price doesn’t hold at this current zone, then it’s wise to cut it
Size
Better to protect capital than hope for a rebound that may not come.@Dushan
Size
Sanjeev Ku 
"oqpwkqk" recalled a message
Sanjeev Ku
Sanjeev Ku
gold 5279 buye
Size
Which timeframe do you usually catch most of your entries on?@Phantom of the Pits Enthusiast
SlowBear ⛅
SlowBear ⛅
Sanjeev Ku
SlowBear ⛅
Sanjeev Ku
SlowBear ⛅
SlowBear ⛅
Size
Sanjeev Ku
- All
- Russia-Ukraine Conflict
- Middle East Flashpoint
Can Gold Prices Continue to Rise Despite Repeated Pressure on Bulls?
Summary:
There are few signs of weakening in gold's strength in the first half of the year. Uncertainties are prompting countries to reduce dependence on the US dollar, providing solid reasons for investors to maintain core positions in gold.
CLOSED
2340.54
Entry Price
2375.00
TP
2265.00
SL
5295.94 +16.66 +0.32%
216.6
Pips
Profit
2265.00
SL
2362.20
Exit Price
2340.54
Entry Price
2375.00
TP
Fundamentals
Over the past six months, despite the Fed holding off on rate cuts, high US bond yields, and a strong dollar, both gold and silver have set multiple records. Even skeptics must acknowledge the impressive performance of these metals. Much of this resilience is attributed to sustained central bank buying, with further purchases expected to characterize the second half of the year.
Notably, central bank purchases are coming from various countries, enhancing gold's relevance as a reserve asset. Should the Fed and other major central banks initiate rate cuts, it would improve the overall sentiment for gold by year-end. Meanwhile, broader risks that could stimulate safe-haven demand remain, including the US presidential elections, escalations in Middle Eastern or Russo-Ukrainian conflicts, and potential volatility in globally bullish stock markets if their robust performance falters.
Technical Analysis
Gold prices edged slightly higher on Wednesday, but remained below the critical resistance level of $2,345. While further upside is constrained, bulls continue to maintain positive momentum.
Technical studies on the daily chart indicate bulls have successfully held above the upper boundary of a triangle consolidation pattern, suggesting any price retracements in the short term will find support at this level. Meanwhile, the sideways consolidation is expected to sustain upward momentum from this level.
On the flip side, breaking below $2,324 could open the path to retesting support near the lower Bollinger Band around $2,306. A drop below $2,286 could trigger a stronger downward acceleration, as this would complete a failed swing pattern and an asymmetric head-and-shoulders pattern.
Overall, bulls face repeated pressure but the upward structure remains intact. We continue to anticipate opportunities for bulls to push higher before bears take control. Buying on dips remains the preferred trading strategy.
Trading Recommendations
Trading Direction: Long
Entry Price: 2324
Target Price: 2375
Stop Loss: 2265
Valid Until: 2024-07 - 05 23:55:00
Support: 2324, 2316, 2303, 2300
Resistance: 2345, 2354, 2365, 2374
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