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YL📈 Gold Up Around $4,700 - Technical Buying But Third Weekly Decline Likely
Rises from technical buying after previous sharp declines, but trending toward third consecutive weekly decline amid pressure from stronger dollar and Fed's hawkish stance reducing near-term rate cut expectations | Reuters reports ABC Refinery analysts say gold prices can hold above key weekly support levels, have potential to recover to test around $4,800, while dollar strengthened over 2% this month reflects prominent safe-haven role | Fed held rates latest meeting, signals inflation may remain elevated, leads markets to reduce cut expectations, CME FedWatch Tool indicates limited chances Fed cuts this year | Although gold viewed as inflation hedge, high rate environment and strong dollar remain primary pressuring factors short-term | Going forward monitor Iran-U.S. tensions developments could impact global energy infrastructure, oil prices, inflation pressures, affecting policy direction and gold
Strategy: Risk short-term speculative short when price rises can't hold above resistance $4,726-4,785 | Short stop loss above resistance $4,785 | Gradually close short for profit if doesn't break support $4,607-4,555
@ylgsingapore.sg
