Analyzing Gold's trend | Resistance and Upcoming Consumer Data Insights | Forex Market

XAUUSD, Gold continues to trade within a short-term downtrend. On June 21, the asset tested the resistance zone of 2369 - 2361. Following this test, the price declined, hitting the initial bearish target near 2327. The next anticipated target is the 2286 level. Should the price break through this level, it may further decrease to the Gold Zone of 2250 - 2245.

For the bulls to gain control and initiate purchases, gold must break through and consolidate above the resistance level. Achieving this would signal a trend reversal, setting the upper Target Zone of 2451 - 2436 as the new bullish target.

In the New York session, the release of the Conference Board (CB) Consumer Confidence data will be closely watched. Meanwhile, Fitch Ratings reports that default rates for high-yield (HY) and leveraged loan (LL) issuers in the U.S. fell slightly in May. Ongoing macroeconomic pressures, along with specific challenges such as changes in reimbursement rates for medical services, continue to push some issuers into default. The trailing-12-month (TTM) leveraged loan default rate was 4.29% in May, down from 4.51% in April. Notable defaults in May included Global Medical, which completed a distressed debt exchange (DDE) involving $3.8 billion of leveraged loan debt.

These economic indicators and market movements provide crucial insights into the current state and future direction of the gold market, making it essential for traders and investors to stay informed.