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Gold ahead of Powell's testimony is still moving above the upper band. Last Friday the price of gold soared despite the post-NFP turmoil. The impact of NFP on gold is quite surprising, last Friday, the price fell quickly to a low of $2350 then rolled up until it broke high and reached a new high of $2392. Today Powell will testify before the Senate in Washington DC in the news Fed Chair Powell Testifies, first, he will read a previously written statement, then he will answer questions from members of the Senate who may have unexpected questions. Powell's answer can of course have an impact and get a market response from a hawkish or dovish statement. The market may respond to Powell's answer which may have an impact on the value of the USD which has implications for gold. Apart from Powell's testimony, important news this week will also be the release of CPI data and unemployment claims, which are important inflation data that can make prices more volatile. I trade at FXOpen

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Gold price closed at $2391 and drew a long-body bullish candlestick, this reflects a strong gold price rally. The soaring gold price was triggered by several reasons, increasing geopolitical risks, and increasing market confidence that the Fed would cut interest rates at the end of the year. US economic data released this week indicates that inflation has eased. Even though the NFP data released on Friday caused gold to fall for a moment because the NFP data supported the strengthening of the USD, in the end the price reversed and rose higher. Gold prices fluctuate after the NFP data is released. Gold is more likely to be bullish because of the possibility of the Fed lowering interest rates. Non-Farm Employment Change data on Friday showed the actual value was 206K greater than the estimate of 191K, data in June showed 218K. The number of new workers joining was greater than expected, causing gold to suddenly fall to $2,350. However, the high volatility in gold prices reversed upwards and gradually reached a high of $2392. A series of US economic data indicates reduced inflationary pressures, this may be why investors believe that interest rates could fall. According to CME's FedWatch tool, the Fed Funds rate cut, which was 0.25% in September, has accelerated from the mid-60s at the start of the week to 72% on Friday .

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Gold prices yesterday moved slightly in the range of $2350-$2362 after rallying the previous day waiting for NFP data in the current countdown. NFP is considered high impact news which is expected to have a direct impact on gold because it is related to the US economy. This is one of the Fed's cornerstones in interest rate policy. According to Forexfactory, the NFP forecast was 191k with previously revised data of 272k. In theory, if the actual data is greater than the estimate, then the USD could strengthen, conversely, if the actual data is smaller than the estimate, then there is the potential for the USD to weaken. In the H1 timeframe, we witness the formation of Bollinger band squeeze due to low volatility. If Bollinger's band squeeze breakout usually will be followed by an extreme move.

I now focus more on trading from my capital in a real FXOpen account and no longer trade from bonuses, but I once traded from the no-deposit bonus broker Marketiva when I first learned about forex with the first withdrawal rule subject to a fee of $7 with a bonus of only $5, I didn't make any money from the bonus.

Gold today rose 0.11% to $2358.49. Yesterday gold prices rallied strongly with gains reaching a high of $2364 before dropping back to the $2355 circle. Investors seem to be starting to digest Powell's speech and the shift in monetary policy from his words of possibly cutting interest rates only once at the end of the year. In the US, a Supreme Court decision granting former US President Donald Trump partial immunity from prosecution for the insurrection after his defeat in 2020 could add new concerns to global security if he wins over incumbent President Joe Biden. Additionally, various geopolitical risk factors suggest a bullish backdrop for the precious metal Yesterday's economic data was also the reason for the soaring gold price. Non-Farm Employment Change and ADP Jobless Claims, showing actual data that does not support the USD. actual ADP Non-Agricultural Employment Change data was 150 thousand from an estimate of 163 thousand with a revision of previous data of 157 thousand. Meanwhile, the actual Jobless Claims data of 238k was greater than the estimate of 234k and the previous data revision of 234k. Another trigger from the BRICS countries challenging the dominance of the US Dollar with Gold as the most realistic substitute in international trade for countries that do not want or do not have access to the Dollar-denominated market is increasing the demand for gold as a central bank reserve.

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Gold price is still trading in a range, looking at the hourly timeframe, the room for gold price movement ranges between the swing high of $2338 near the upper band line and the swing low of $2219 near the lower band line. A flat Bollinger Band channel indicates a sideways market with moderate volatility. Powell's speech yesterday still reflected a hawkish attitude which estimates that the Fed will only cut interest rates once in 2024, which is expected to be in September. The high interest rates set by the Fed aim to reduce inflation and will cut interest rates if inflation falls to the 2% target. Currently, Fed officials are still taking a pro-and-con stance so interest rate cuts will most likely not happen soon even though economic indicators are cooler Today's important news is Non-Farm Employment Change and ADP Unemployment Claims which have the potential to move the gold market. ADP data is forecast at 163k with a revision of previous data of 152k. Large differences in actual and forecast data can get a market response that causes volatility to increase. Meanwhile, unemployment claims data is forecast at -13B with a revision to the previous data of -1.0B. If the actual data is less than forecast, perhaps the USD will strengthen.

I first learned about forex from my brother, who according to him, forex provides the opportunity to make a profit from changes in the price of one foreign currency against another foreign currency, which is called a pair. Then I learned from scratch by reading forex articles from various sources including babypips. Practicing demos, trying to take part in demo trading competitions, and being active in the forex forum community, now I am still trading forex at FXOpen.

Gold prices are consolidating near the middle band line with an Open $2326.19 high of $2328.42 Low of $2318.50 and Close of $2331.7. The Bollinger band flat channel indicates the price may be moving in a range. Yesterday's gold price drew a bullish candlestick with a shadow on the top and bottom candle. The length of the high and low candlesticks is still balanced with the previous candlestick. Yesterday the Final Manufacturing PMI data showed an actual value of 51.6 from a forecast of 51.7 and previous data of 51.7. ISM Manufacturing PMI data shows an actual value of 48.5 from a forecast of 49.2 and the previous revision at 48.7. Meanwhile, ISM Manufacturing Prices data shows an actual value of 52.1 from forecast 55.8 and previous data 57.0. Construction Spending fell from 0.3% previous to only -0.1% from a forecast of 0.3%. This data shows a contraction in the US economy, which caused the price of gold to rise, although, in the end, it fell again. The Fed may still consider lowering interest rates more deeply. Now that interest rates are still high, investors prefer to buy bonds to get higher yields rather than buy gold. Today there will be important news released from the Fed Chair Powell Speaks which may give a hawkish or dovish signal.

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This week there may be high volatility in gold because several important high-impact news may increase trading volume and market volatility. Now the price of gold is still holding above the $2300 price level, currently, the price is at $2325.28 on the FXOpen Tradingview chart. Gold price is consolidating near the middle band line on the D1 timeframe. Even though gold prices rose after the PCE data, they fell again and drew a Doji candle. Today there is important news that may be of interest to investors. ISM Manufacturing PMI and ISM Manufacturing Prices. This includes important economic indicators that are used by the Fed as material for considering interest rate policy. Why do traders need to pay attention to the news, especially regarding USD? Because in general the price of gold is negatively correlated with the USD, if expectations of the Fed's interest rate cut are higher, it could push up the price of gold. However, if the Fed still maintains high interest rates, investors may choose to invest in bonds with higher yields rather than gold which does not provide returns. Apart from manufacturing data this week there are several other important news that also have the potential to move the market, Fed Chair Powell's Speech, JOLTS Job Vacancies, ADP Non-Agricultural Employment Changes, FOMC Meeting Minutes, Non-Agricultural Employment Changes.

Friday's trading, gold prices rose after the PCE data was released. On Friday, investors have been waiting for the release of PCE data because this is one of the Fed's most preferred economic indicators used to measure inflation which the Fed uses to consider the direction of interest rate policy. Gold prices reported an increase after the PCE data was released even though the actual data was the same as forecast. According to forexfactory data, actual PCE was 0.1%, forecast 0.1%, and previous 0.3%. Meanwhile, GBP data shows actual data of 0.3%, estimated 0.3%, and previously 0.0%. In theory, if the actual PCE data is greater than the forecast, this has a good impact on the USD, whereas if it is smaller than the forecast it has a bad impact on the USD. In the PCE data release, it can be seen that the forecast data is the same as the actual data, meaning the impact should be neutral, but when compared with the previous revision, the value is 0.1% down from 0.3%. Meanwhile, FXstreet analysts said PCE data showed a cooling in price increases to 2.6% y/y in May from 2.7% previously, in line with expectations. Core PCE also slowed to 2.6% from 2.8% previously as expected. Data indicates inflation continues to fall towards the Fed's 2.0% target. Maybe this is why gold then strengthens when the USD weakens. Gold prices rose $2339 after the PCE data was released, before finally falling again to around $2323. In the long term, geopolitical risks remain a concern for analysts as the conflict has raised concerns about humanitarian disasters and supply chains. Gold is often considered a safe-haven asset in times of risk and uncertainty.