On Tuesday (June 24) in the Asian market, spot 
XAUUSD continued to decline. The current price of gold is around 3,340 USD/ounce, down sharply by about 30 USD. Gold traders are awaiting congressional testimony from Fed Chairman Jerome Powell as the ceasefire between Iran and Israel takes place.
On Monday evening local time, US President Trump announced that Israel and Iran have reached a complete agreement to achieve a comprehensive ceasefire. After Trump announced the news, spot gold prices fell sharply by more than 30 USD in the early morning trading session in Asia on Tuesday, which lasted until the time of writing.
Federal Reserve Chairman Jerome Powell will deliver his semiannual monetary policy report before the House Financial Services Committee on Tuesday.
Looking ahead, all eyes will be on Federal Reserve Chairman Jerome Powell’s two-day congressional testimony starting on Tuesday for fresh clues on the timing of the next rate cut.
The market is now pricing in a 21% chance of a Fed rate cut next month, up from a 14.5% chance on Friday, according to CME Group’s FedWatch tool.
Additionally, markets will continue to closely monitor the Iran-Israel conflict to see if the ceasefire can hold. The Israeli military continues to report that Iran has launched ballistic missiles into Israel.
Technical Outlook AnalysisXAUUSD
Gold is down and operating around the EMA21 moving average and technically, gold is currently in the best support area. Specifically, gold is operating at the EMA21, the technical indicator is noted as an important support for the short-term uptrend, followed by the horizontal support of 3,320 USD. Combined with the price action position, the Relative Strength Index (RSI) is above 50, and 50 is now acting as a support in terms of momentum for the possibility of price increase.
However, if gold sells below the 0.382% Fibonacci retracement level, it could be bearish, with the next target being the 0.50% Fibonacci retracement level at $3,228. Therefore, the area of the $3,300 base point is a very important support area for the long-term uptrend.
Intraday, with the current position, gold can still increase in price with the short-term target at $3,371 followed by the $3,400 base point.
Notable positions will also be listed as follows.
Support: $3,300 – $3,292
Resistance: $3,350 – $3,371
SELL XAUUSD PRICE 3407 - 3405⚡️
↠↠ Stop Loss 3411
→Take Profit 1 3399
↨
→Take Profit 2 3393
BUY XAUUSD PRICE 3304 - 3306⚡️
↠↠ Stop Loss 3300
→Take Profit 1 3312
↨
→Take Profit 2 3318
XAUUSD continued to decline. The current price of gold is around 3,340 USD/ounce, down sharply by about 30 USD. Gold traders are awaiting congressional testimony from Fed Chairman Jerome Powell as the ceasefire between Iran and Israel takes place. On Monday evening local time, US President Trump announced that Israel and Iran have reached a complete agreement to achieve a comprehensive ceasefire. After Trump announced the news, spot gold prices fell sharply by more than 30 USD in the early morning trading session in Asia on Tuesday, which lasted until the time of writing.
Federal Reserve Chairman Jerome Powell will deliver his semiannual monetary policy report before the House Financial Services Committee on Tuesday.
Looking ahead, all eyes will be on Federal Reserve Chairman Jerome Powell’s two-day congressional testimony starting on Tuesday for fresh clues on the timing of the next rate cut.
The market is now pricing in a 21% chance of a Fed rate cut next month, up from a 14.5% chance on Friday, according to CME Group’s FedWatch tool.
Additionally, markets will continue to closely monitor the Iran-Israel conflict to see if the ceasefire can hold. The Israeli military continues to report that Iran has launched ballistic missiles into Israel.
Technical Outlook Analysis
XAUUSD Gold is down and operating around the EMA21 moving average and technically, gold is currently in the best support area. Specifically, gold is operating at the EMA21, the technical indicator is noted as an important support for the short-term uptrend, followed by the horizontal support of 3,320 USD. Combined with the price action position, the Relative Strength Index (RSI) is above 50, and 50 is now acting as a support in terms of momentum for the possibility of price increase.
However, if gold sells below the 0.382% Fibonacci retracement level, it could be bearish, with the next target being the 0.50% Fibonacci retracement level at $3,228. Therefore, the area of the $3,300 base point is a very important support area for the long-term uptrend.
Intraday, with the current position, gold can still increase in price with the short-term target at $3,371 followed by the $3,400 base point.
Notable positions will also be listed as follows.
Support: $3,300 – $3,292
Resistance: $3,350 – $3,371
SELL XAUUSD PRICE 3407 - 3405⚡️
↠↠ Stop Loss 3411
→Take Profit 1 3399
↨
→Take Profit 2 3393
BUY XAUUSD PRICE 3304 - 3306⚡️
↠↠ Stop Loss 3300
→Take Profit 1 3312
↨
→Take Profit 2 3318
Note
🔴Spot gold continued to fall in the afternoon, testing 3316 twice before recovering. Combined with the short-term order trading line, the short-term buy order cost area is mainly concentrated at 3323 and 3320, which can be regarded as the "lifeline" of short-term buy orders.Trade active
Plan BUY HIT TP1 +130pips. Heading to TP2 😵😵😵Note
Note
📊 Gold struggles around $3,300: Weak dollar, US-Iran talks and economic data key to directionNote
🔴Gold prices fluctuate ahead of PCE data, amid expectations of Fed rate cuts and easing geopolitical tensions
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.