Gold retraces to Fibonacci 0.5
ที่อัปเดต:
Fundamental Analysis
Gold (XAU/USD) fell sharply to the $2,371 level as geopolitical risks overshadowed market attention to the Federal Reserve's meeting this Wednesday. Personal Consumption Expenditures (PCE) Price Index data for June, released on Friday, showed inflation remained steady, close to the Fed's 2% target. However, investors still expect the Fed to start its easing cycle in September and could provide a clearer signal after this week's meeting.
On Tuesday, the JOLT Jobs Openings and the Conference Board Consumer Sentiment Index for June and July are expected to show moderate declines, increasing the likelihood of a Fed rate cut in September.
Technical Analysis
XAU/USD’s recovery from last week’s lows around $2,350 has met stiff resistance at $2,400. This is a key resistance zone as the 100-period Simple Moving Average (SMA) on the 4-hour chart has met resistance from the downtrend since the July 17 high. However, downside efforts have been limited so far.
The intraday RSI shows moderate positive momentum, with $2,380 still holding the downtrend. If the price breaks below this level, the next target would be the July 25 low at $2,350. Conversely, if the price breaks above $2,400, the broader bearish structure will be broken and the next target will be $2,430.
Gold (XAU/USD) fell sharply to the $2,371 level as geopolitical risks overshadowed market attention to the Federal Reserve's meeting this Wednesday. Personal Consumption Expenditures (PCE) Price Index data for June, released on Friday, showed inflation remained steady, close to the Fed's 2% target. However, investors still expect the Fed to start its easing cycle in September and could provide a clearer signal after this week's meeting.
On Tuesday, the JOLT Jobs Openings and the Conference Board Consumer Sentiment Index for June and July are expected to show moderate declines, increasing the likelihood of a Fed rate cut in September.
Technical Analysis
XAU/USD’s recovery from last week’s lows around $2,350 has met stiff resistance at $2,400. This is a key resistance zone as the 100-period Simple Moving Average (SMA) on the 4-hour chart has met resistance from the downtrend since the July 17 high. However, downside efforts have been limited so far.
The intraday RSI shows moderate positive momentum, with $2,380 still holding the downtrend. If the price breaks below this level, the next target would be the July 25 low at $2,350. Conversely, if the price breaks above $2,400, the broader bearish structure will be broken and the next target will be $2,430.
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Gold bull-bear tug-of-war in play, focus shifts to key EU/ US eventsGold price is treading water below $2,400 early Tuesday, as Gold traders turn to the sidelines ahead of a bunch of upcoming high-high macro news from the US and Europe.
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Gold price gains on Middle East tensions, focus is on Fed policyGold price (XAU/USD) exhibits a strong performance in Wednesday’s European session, with investors focusing on the Federal Reserve’s (Fed) monetary policy outcome later the day.
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Gold price rises to near $2,420 as upside risks to Middle East tensions have improved its safe-haven appeal.The major trigger for the Gold price will be the Fed’s guidance on interest rates.
Investors see the Fed leaving interest rates unchanged with a dovish guidance.
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Gold rises to near $2,450 due to increased risk aversionGold price edges higher to near $2,450 per troy ounce during the Asian session on Friday. Traders await upcoming US labor market data, including the Nonfarm Payrolls and Average Hourly Earnings data for July.
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