Gold is consolidating to wait for Mr. Powell speaking

Gold is consolidating from 2316-2319 to 2339-2343 because the recent weak U.S labor market and a third straight decline in ISM manufacturing to force the Fed to cut rate while high inflation is keep the Fed to follow its hawkish monetary policy.

Gold has tested the 2339-2343 and it is dropping to try to break the 2316-2319. The 2316-2319 is an important support zone during Mr. Powell speaking at 13:30 GMT.

If Mr. Powell continues the hawkish Fed policy in his speaking, gold will be sold off heavily to break the 2316-2319.

IF Mr. Powell takes rate cute seriously in his statements, gold goes to break the 2339-2341 to go up to 2365-2369 .

Bellow is $1,000 profit Gold Buy Signal 2306 on June 26, 2024.

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