{"id":63823,"date":"2023-05-31T11:03:03","date_gmt":"2023-05-31T08:03:03","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=63823"},"modified":"2024-07-10T16:54:56","modified_gmt":"2024-07-10T13:54:56","slug":"us-debt-ceiling-bill-moves-to-the-house-as-time-is-running-out","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/ar\/us-debt-ceiling-bill-moves-to-the-house-as-time-is-running-out\/","title":{"rendered":"US Debt ceiling bill moves to the House as time is running out"},"content":{"rendered":"

The US debt ceiling bill passed it\u2019s first hurdle yesterday from House Rules Committee by a narrow 7-6 vote to approve the bill to be sent to the House. The next hurdle in getting the bill enacted into law before the US defaults on its debt will be judged on the ability of the Democratic and Republican leadership into convincing their members to vote in favour of the bill despite their reservations. Should the bill pass, the next step would be getting the bill through the Democratic controlled Senate. In the US stock markets, we note NVIDIA briefly joining the $1 trillion valuation club, during yesterday\u2019s trading session making it the 5th<\/sup> US company to ever reach a $1 trillion valuation. Gold\u2019s price benefited from the weakening of the USD and unexpectedly rose breaking the 1955 (S1) resistance line, now turned to support. As the precious metal\u2019s price in its upward movement also broke the downward trendline guiding it, we switch our bearish outlook in favour of a sideways movement initially as the RSI indicator remains above but close to the reading of 50. For a bullish outlook we would require the precious metal\u2019s price to reach if not breach the 1980 (R1) line, a development that would also allow us to draw an upward trendline showing us the limitations of the upward movement. Should the bears take over, we may see gold\u2019s price reversing course, breaking the 1955 (S1) line and aim for the 1930 (S2) support level.<\/p>\n\n\n\n

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