Technical analysis by RalphBenjaminTrading about Symbol PAXG: Buy recommendation (5/13/2024)
RalphBenjaminTrading
Donald Nguyen welcomes everyone! Let's summarize and strategize our new day! Gold price today touched 2356 USD and decreased 0.18% during the day. On impact news: Last week, the yellow metal posted modest gains as expectations that the US Federal Reserve (Fed) would loosen policy this year increased following weak economic data. . It is expected that this week is an important time to decide whether gold will reach a new record or not when the market receives the April consumer price index and producer price index reports. Recently, the Fed emphasized that America's inflation war is not effective when inflation is still much higher than the target level of 2%. In addition to the consumer price index and producer price index, this week the market will wait for the US retail sales report, the number of weekly unemployment benefit applications, and the statement of Fed Chairman Powell in Amsterdam. Talking about the trend and conclusion: The US is in a persistent inflation war, where all asset classes will see a “significant” revaluation and then capital flows in the market will Gradually shifting to hard assets. “It's time for the Fed to take action, which creates a bullish scenario for hard assets.” Therefore, it would be more reasonable for the focus to remain on significant bullish trend waves and to expect gold prices to reach $2,423 and $2,500 at the very least. Talking about technical analysis: With the current trend, it is likely that the price will continue to adjust further during the day, with a possible target of 2330 USD, for example, and a retest of the EMA 34.89 levels to consolidate the trend and pullback. following the waves of regression.Trade activeComment:Comment: Following the upsurge seen in the second half of the previous week, Gold stages a downward correction and trades in the red below $2,350 on Monday. Nevertheless, the benchmark 10-year US Treasury bond yield edges lower below 4.5% and allows XAU/USD to limit its losses.Comment:
