XAUUSD | GOLDSPOT | New perspective | follow-up details
Updated
Gold bulls triumphantly reclaimed the coveted $2,000 an-ounce threshold after a two-month struggle, driven by escalating tensions in the Middle East as investors sought refuge in safe-haven assets. Surging US debt, reaching a record $33 trillion, propelled this rally, pushing Goldspot past the $1,980 resistance level, possibly establishing a new support zone at $1,995-$1,980.
What's intriguing is that this resurgence in gold prices is occurring simultaneously with a rally in 10-year Treasury yields, defying the usual inverse correlation. The yield on the 10-year Treasury note recently surpassed the 5% mark for the first time in 16 years, dampening the impact of an otherwise positive earnings week for the Big Tech industry.
XAUUSD Technical Analysis:
In this video, we dissected the XAUUSD chart from a technical standpoint, analyzed the key levels, analyzed historical price moves, market behaviors, and buyer-seller dynamics, and uncovered potential trading opportunities.
The $1,980 zone will remain our center stage for this week. Its historical significance makes it a crucial point. If the bullish momentum is sustained then the breakout of the retest of this zone will serve as a platform for new highs. However, if selling pressure persists below $1,985/$1,980 just as it had done in the last 5 months, we could witness renewed selling pressure back into the demand zone at the $1,900 zone.
Dive into the latest Gold market dynamics! Discover how escalating Middle East tensions and surging US debt have driven Gold prices past $2,000. Explore the surprising rally in 10-year Treasury yields and its impact. Stay informed for strategic investment decisions.
#GoldMarket #SafeHavenAssets #USDebt 📺🔔💼
Disclaimer Notice:
Please be aware that margin trading in the foreign exchange market, including commodity trading, CFDs, stocks, and other instruments, carries a high level of risk and may not be suitable for all investors. The content of this speculative material, including all data, is provided by me for educational purposes only and to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not assume any responsibility for its accuracy.
It is important that you carefully evaluate your investment experience, financial situation, investment objectives, and risk tolerance level. Before making any investment, it is advisable to consult with your independent financial advisor to assess the suitability of your circumstances.
Please note that I cannot guarantee the accuracy of the information provided, and I am not liable for any loss or damage that may directly or indirectly result from the content or the receipt of any instructions or notifications associated with it.
Remember that past performance is not necessarily indicative of future results. Keep this in mind while considering any investment opportunities.
What's intriguing is that this resurgence in gold prices is occurring simultaneously with a rally in 10-year Treasury yields, defying the usual inverse correlation. The yield on the 10-year Treasury note recently surpassed the 5% mark for the first time in 16 years, dampening the impact of an otherwise positive earnings week for the Big Tech industry.
XAUUSD Technical Analysis:
In this video, we dissected the XAUUSD chart from a technical standpoint, analyzed the key levels, analyzed historical price moves, market behaviors, and buyer-seller dynamics, and uncovered potential trading opportunities.
The $1,980 zone will remain our center stage for this week. Its historical significance makes it a crucial point. If the bullish momentum is sustained then the breakout of the retest of this zone will serve as a platform for new highs. However, if selling pressure persists below $1,985/$1,980 just as it had done in the last 5 months, we could witness renewed selling pressure back into the demand zone at the $1,900 zone.
Dive into the latest Gold market dynamics! Discover how escalating Middle East tensions and surging US debt have driven Gold prices past $2,000. Explore the surprising rally in 10-year Treasury yields and its impact. Stay informed for strategic investment decisions.
#GoldMarket #SafeHavenAssets #USDebt 📺🔔💼
Disclaimer Notice:
Please be aware that margin trading in the foreign exchange market, including commodity trading, CFDs, stocks, and other instruments, carries a high level of risk and may not be suitable for all investors. The content of this speculative material, including all data, is provided by me for educational purposes only and to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not assume any responsibility for its accuracy.
It is important that you carefully evaluate your investment experience, financial situation, investment objectives, and risk tolerance level. Before making any investment, it is advisable to consult with your independent financial advisor to assess the suitability of your circumstances.
Please note that I cannot guarantee the accuracy of the information provided, and I am not liable for any loss or damage that may directly or indirectly result from the content or the receipt of any instructions or notifications associated with it.
Remember that past performance is not necessarily indicative of future results. Keep this in mind while considering any investment opportunities.
Note
The new trading week kicked off with a bearish tone as prices retraced from a multi-month high, testing the crucial $1,995 zone - a significant resistance level identified on the 4-hour timeframe [refer to the video]. Despite the dip, the downside appears cushioned due to escalating tensions in the Israel-Hamas conflict, driving safe-haven buying and restricting substantial corrective declines for the precious metal.Currently, trading activities are confined within the $2,006.50 and $1,995 zones, highlighting the prevailing indecision in the market. We are patiently awaiting signals in the form of a breakout or breakdown from this range. Detailed analysis of these developments will be provided during our upcoming live session. Stay tuned for insightful strategies and potential opportunities!
Good Morning
Note
#XAUUSDUPDATE
Sellers are facing persistent challenges as they attempt to breach the 50% retracement level of the discussed impulse leg, which we analyzed in our live session earlier today. It is worth noting that the levels indicated on the chat continue to serve as reliable indicators for identifying potential trading opportunities throughout the day.
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#XAUUSDThe recent decline in the price of gold is accompanied by a rise in open interest, indicating the possibility of further retracement in the near future. Today being the last trading day of the month, the expectation that the Federal Reserve will maintain its hawkish stance to address inflation and the elevated US Treasury bond yields is not favoring buyers at this time. This situation has led to an increase in demand for the US Dollar, which is weighing on the price of gold.
The current buy position is currently at a loss of approximately 13 pips. The price action has been forming a "lower high" structure amidst a consolidation phase that has been prevalent in the market since the beginning of the week. This consolidation phase has created uncertainties among buyers. To navigate trading activities today, a new descending trendline has been identified as a guide.
It is important to note that market participants may choose to stay on the sidelines ahead of the two-day FOMC monetary policy meeting, which starts today. The Federal Reserve is expected to announce its decision on Wednesday, and it is widely anticipated that it will maintain interest rates at their current level.
Good Morning
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UPDATETrade active
Gold prices continue to decline for the third consecutive day, hitting a weekly low during the Asian session. The decrease in safe-haven demand and the anticipation of a more hawkish stance from the Federal Reserve are exerting downward pressure on the precious metal. Yesterday, our buy position incurred a moderate loss, leading to a swift sell trigger following the breach of both the ascending trendline and the $1,990.60 zone, as planned during yesterday's live session. Currently, we hold two sell positions, yielding a total of 150 pips. However, it is worth noting that there is some buying pressure emerging around the $1,978 zone, which should not be disregarded.
This morning, there are indications of a potential recovery from the daily low as market participants exercise caution ahead of significant central bank events. Therefore, it is advisable to protect all positions at this point to prevent any sudden pullbacks that may occur.
Happy New Month!
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UPDATEJust as discussed during our live session this morning - buy position triggered; protect position
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UPDATENote
Gold prices appear to gain positive momentum during the Asian session, driven by a decline in US bond yields and a weaker US dollar. The ongoing decrease in US Treasury bond yields, fueled by expectations of the Federal Reserve halting interest rate hikes, continues to support demand for gold.Yesterday, the buy position was closed amidst choppy market conditions prior to the Fed's interest rate decision. From a technical perspective, it is important to note that over the past 48 hours, the price action has been range-bound between 1,986.50 and 1,974.50, highlighting the market's indecision. The 1,980/1,975 zone has consistently acted as a barrier for sellers throughout the week, sustaining the potential for further buying activity. However, a significant breakdown or retest of this demand zone could lead to a downward price movement. The levels indicated on the chart remain our guiding light ahead of today's trading session.
Good Morning
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#XAUUSDGold prices continue to attract buyers for the second consecutive day, maintaining their modest intraday gains as we approach today's trading session. The ongoing belief that the Federal Reserve is edging closer to the conclusion of its policy-tightening campaign, coupled with speculation about potential rate cuts in June 2024, has kept USD bulls on the defensive. These factors, along with geopolitical unrest in the Middle East and concerns surrounding a slowdown in the Chinese economy, are acting as favorable winds for the safe-haven status of gold.
The recent consolidation of trading activities around the $1,986/$1,980 area suggests that market participants are exercising caution, refraining from aggressive bets, and opting to wait on the sidelines in anticipation of the NFP report, which could offer vital insights into the Fed's rate-hike trajectory.
From a technical perspective, the open buy positions initiated during yesterday's trading session remains valid. The demand zone identified around the $1,980/$1,975 area remains intact, serving as a steadfast support for buying pressure. Detailed analysis of the current market conditions from a technical standpoint will be provided in my upcoming Forex Morning Mastery session later today.
Happy Friday!
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XAUUSDUPDATE
Four buy positions running in profit with over 400 pips in profit; protect positions as NFP report came in below expectations.
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