Gold Analysis on the H4 11/09/2024
- Macro Overview
Gold prices rose with significant volatility, driven by a decline in U.S. Treasury yields, despite a slight increase in the dollar. Traders are awaiting today’s U.S. CPI report, but ongoing expectations of a Fed rate cut continue to support gold prices. Uncertainty surrounding the pace of the Fed’s rate cuts and the upcoming U.S. presidential election may lead to further volatility, leaving gold’s direction unclear.
- Technical Analysis
XAUUSD held above the trendline and climbed to 2,518. The EMA21 is positioned above the EMA78, indicating a bullish trend. If XAUUSD stays above the trendline and both EMAs, it could gain momentum toward the peak of 2,530. Conversely, if XAUUSD fails to remain above both EMAs and drops below the trendline, the price may decline to 2,490.
Gold prices rose with significant volatility, driven by a decline in U.S. Treasury yields, despite a slight increase in the dollar. Traders are awaiting today’s U.S. CPI report, but ongoing expectations of a Fed rate cut continue to support gold prices. Uncertainty surrounding the pace of the Fed’s rate cuts and the upcoming U.S. presidential election may lead to further volatility, leaving gold’s direction unclear.
- Technical Analysis
XAUUSD held above the trendline and climbed to 2,518. The EMA21 is positioned above the EMA78, indicating a bullish trend. If XAUUSD stays above the trendline and both EMAs, it could gain momentum toward the peak of 2,530. Conversely, if XAUUSD fails to remain above both EMAs and drops below the trendline, the price may decline to 2,490.
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