Gold prices rose in in the morning but were nursing a tumble from record highs in the prior session as caution before an address by Federal Reserve Chair Jerome Powell lent some support to the dollar. Gold raced to record highs earlier this week amid growing conviction that the Fed will begin cutting interest rates from September. While prices did retreat amid some profit-taking, gold still remained relatively well-bid.
Spot gold rose 0.4% to $2,495.52 an ounce, while gold futures expiring in December rose 0.6% to $2,530.70 an ounce by 01:24 ET (05:24 GMT). Spot prices were down slightly this week after hitting a record high of $2,531.72 an ounce.
CURRENTLY GOLD IS MOVING ON DOWN TREND.
Expecting correction up to 2495.88
Today’s important levels for trading are 2509.07, 2489.89, 2465.21 and 2446.03
Trading Strategy for today: Sell On Rise
Trade setup:
Pullback Sell around 2495.50 Higher Sell around 2503.75
Safe swing sell below 2483.50
Safe swing buy above 2513.50
Important Event :
🔴 Fed Chair Powell Speaks
🟠New Home Sales