Yesterday's gold price draws a bullish candlestick but with a smaller body than the previous candlestick. Gold price is trying to recover after last week's fall to a low of $2316, the price has now risen to around $23324 and is moving in consolidation near the middle band line,
In the H1 timeframe, the price fell again to the price level of $2325 after rising to a high of $2334. Volatility appears to be decreasing referring to the deflation of the Bollinger band on the H1 timeframe.
CME's FedWatch tool shows that the Fed will begin its policy easing campaign at its September meeting and make its next rate cut in November or December.
This week, investors will be heavily focused on revised Gross Domestic Product data and the core Personal Consumption Expenditure price index for May. The core PCE price index data is the Fed's preferred measure of inflation, which will provide new clues about when and how much the central bank will cut interest rates this year.
Today investors focus on CB consumer confidence which reflects the level of confidence in current and future economic conditions including labor availability, business conditions, and the overall economic situation.
View attachment 7133
In the H1 timeframe, the price fell again to the price level of $2325 after rising to a high of $2334. Volatility appears to be decreasing referring to the deflation of the Bollinger band on the H1 timeframe.
CME's FedWatch tool shows that the Fed will begin its policy easing campaign at its September meeting and make its next rate cut in November or December.
This week, investors will be heavily focused on revised Gross Domestic Product data and the core Personal Consumption Expenditure price index for May. The core PCE price index data is the Fed's preferred measure of inflation, which will provide new clues about when and how much the central bank will cut interest rates this year.
Today investors focus on CB consumer confidence which reflects the level of confidence in current and future economic conditions including labor availability, business conditions, and the overall economic situation.
View attachment 7133
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