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I have prepared this setup today with this chart and it displays the XAU/USD pair on a 4-hour timeframe. It highlights a resistance zone around the 2715-20 level and a support zone near 2668-65.The chart indicates an entry point at the support level, suggesting a potential bullish move toward the resistance zone. The market currently trades below the resistance, reflecting consolidation before the next potential breakout or reversal.
Current new which can affect Gold/USD market.
1. Federal Reserve Policy:
Recent Federal Reserve comments signal a potential continuation or pause in interest rate hikes. Higher rates typically strengthen the USD and weaken gold prices, while dovish policies support gold.
2. Inflation Data:
The latest Consumer Price Index (CPI) data showed easing inflation, which could reduce the urgency for aggressive rate hikes and potentially support gold prices.
3. Economic Growth Concerns:
Signs of slower US economic growth, reflected in weak job numbers and reduced consumer spending, increase gold’s appeal as a safe-haven asset.
4. Geopolitical Uncertainty:
Rising tensions in global politics (e.g., in Eastern Europe or the Middle East) have driven risk-averse investors toward gold as a hedge.
5. US Dollar Strength:
The dollar index remains a crucial driver. A stronger USD puts downward pressure on gold, while a weaker USD boosts its price.
6. Bond Yields:
US Treasury yields have seen slight declines, which often correlate with increased interest in non-yielding assets like gold.
These fundamental factors, combined with the technical levels shown in the chart, could influence the next price movement of XAU/USD.
Key levels:
Buy from 2665
Target at 2714
SL at 2650
Kindly like comment and share my ideas thanks.
I have prepared this setup today with this chart and it displays the XAU/USD pair on a 4-hour timeframe. It highlights a resistance zone around the 2715-20 level and a support zone near 2668-65.The chart indicates an entry point at the support level, suggesting a potential bullish move toward the resistance zone. The market currently trades below the resistance, reflecting consolidation before the next potential breakout or reversal.
Current new which can affect Gold/USD market.
1. Federal Reserve Policy:
Recent Federal Reserve comments signal a potential continuation or pause in interest rate hikes. Higher rates typically strengthen the USD and weaken gold prices, while dovish policies support gold.
2. Inflation Data:
The latest Consumer Price Index (CPI) data showed easing inflation, which could reduce the urgency for aggressive rate hikes and potentially support gold prices.
3. Economic Growth Concerns:
Signs of slower US economic growth, reflected in weak job numbers and reduced consumer spending, increase gold’s appeal as a safe-haven asset.
4. Geopolitical Uncertainty:
Rising tensions in global politics (e.g., in Eastern Europe or the Middle East) have driven risk-averse investors toward gold as a hedge.
5. US Dollar Strength:
The dollar index remains a crucial driver. A stronger USD puts downward pressure on gold, while a weaker USD boosts its price.
6. Bond Yields:
US Treasury yields have seen slight declines, which often correlate with increased interest in non-yielding assets like gold.
These fundamental factors, combined with the technical levels shown in the chart, could influence the next price movement of XAU/USD.
Key levels:
Buy from 2665
Target at 2714
SL at 2650
Kindly like comment and share my ideas thanks.
Note
we have collected 230 pips profit with this setupTrade closed: target reached
Market touched 2711, our target is almost hit
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.